People typically use Powers of Attorney to designate someone they trust to handle their financial affairs while they are out of the country or to manage their affairs if they get sick. This authority can specifically include or exclude certain areas of interest, such as personal property, real estate, banking, insurance etc.
If you lose capacity without a power of attorney in place, your loved ones may have to apply to court to be appointed your committee of estate. Committeeship is an expensive and tedious process.
Two Types of Power of Attorney
Traditionally, the authority in a Power of Attorney automatically ends when when the person giving it becomes medically incapable of managing their financial affairs. However, you can choose to have one of these other forms of Power of Attorney instead, which are provided for in the Power of Attorney Act of BC:
- “Enduring” which means it will be effective at the time of signing the document and continue despite any subsequent incapacity; or
- “Springing” which typically means that it will only come into effect at the time that capacity is lost.
Prior to creating the document, Westcoast Wills & Estates will provide you with legal advice that will enable you to choose the type of Power of Attorney that will best suit your needs – all at a reasonable price.
Custom-Made Power of Attorney
A general Power of Attorney allows someone else to manage your financial and legal affairs on your behalf, but it can also give additional powers or take away powers from these people. Do you have minor children? A dependent spouse? Pets? Do you want to name someone who lives outside of Canada? Our estate planning lawyers routinely discuss these key points and more to make this seemingly standard documents customized to your needs, all at our usual flat rates.
Next Steps
See why you need a power of attorney here in our blog.
In addition to a Power of Attorney, Westcoast Wills & Estates recommends to most clients that they have a Will and either a Representation Agreement or an Advance Directive in place.
