Planning for the future is central to protecting your assets, yourself and future family support. While a Last Will and Testament is vital to have in place, they only concern what happens after an individual’s death. There are other legal steps to take to plan for the future while you are still alive. Designating someone to have Power of Attorney (POA) in Alberta is one of those significant steps.
Having a Power of Attorney in Alberta is vital because unforeseen circumstances and events in the future may leave you unable to make decisions for ourselves. Taking steps to protect your wishes today can avoid problems and disputes in the future. Obtaining a POA provides peace of mind in a critical area: finances.
Here’s what to know about this process.
Enduring Power of Attorney Defined
Granting someone you trust enduring power of attorney empowers them to step in and make specified decisions for you at a time in the future when you cannot do so. Enduring power of attorney relates to decisions about your finances and property assets. Someone with a POA cannot make medical decisions on your behalf.
If you temporarily or permanently lose the capacity to make informed decisions for yourself, the person you designate can step in to handle critical financial choices. You can discuss your expectations with the elected individual. Some typical financial duties carried out by someone appointed to be your attorney could include paying your bills, filing taxes, and more.
When Does Enduring Power of Attorney Become Effective?
Deciding when someone’s enduring power of attorney comes into force has several options. Sometimes, an individual may wish for the document to become effective immediately. In other cases, you could designate a specific date or specific event after which the order goes into effect. Many people choose for their power of attorney to go into effect only upon losing capacity to make their own decisions.
You may designate an individual whose role involves declaring lost capacity. Such a declaration immediately triggers enduring power of attorney. Without a designated individual, two medical practitioners must declare incapacity instead.
Can You Terminate an Enduring Power of Attorney?
Granting enduring power of attorney is not necessarily a permanent choice. An individual’s death terminates the power of attorney agreement immediately; this is when your will would come into force instead. However, as long as you have the capacity to do so, you can also choose to revoke the power of attorney at any point during your lifetime. Some individuals may use power of attorney temporarily, such as when they expect a long recovery from surgery.
A court may also issue an order to cancel a power of attorney in specific circumstances
What Can Happen Without Enduring Power of Attorney?
If you lose the capacity to make financial decisions without having signed an enduring power of attorney, your family or friends can face a complicated process. In order to get the authority to make financial decisions on your behalf, a friend or family member will need to obtain permission from the Court. This process can be expensive, time-consuming, and stressful. Planning today can avoid that concern altogether.
Make Pragmatic Plans for Your Future Now
There’s no telling what the future holds, but astute planning today can provide peace of mind about tomorrow. Designating someone to have an enduring power of attorney for you in Alberta is essential in providing financial decisions aligned with your best wishes. At Lypkie Henderson, our experience in this area positions us to provide in-depth support and answers to all your questions about this process.
Working with our team, we can help you craft a document granting power of attorney in Alberta that accounts for your wishes and needs. We strive to help provide the most protection for your future. Explore how to take the next steps in this process with our help when you connect with us today.
