What is a Power of Attorney and an Enduring Power of Attorney?

A power of attorney is a document that gives another person (the ‘attorney’) the power to manage your financial and legal affairs. The power you give your attorney can be limited, such as giving your child the authority to sell real estate on your behalf. It can also unlimited, meaning you can give your attorney the power to do anything in relation to your financial and legal affairs that that you can do, including areas such as business or property.

There are two main types of power of attorney:

  • You may choose to make a general power of attorney if you are mentally capable but need some help with managing your financial affairs. For example, you may find it difficult to take care of your own banking due to age, illness, or injury. A generally power of attorney will cease if you become mentally incapable. 
  • Alternatively, an enduring power of attorney allows your power of attorney to continue to be effective or start to be effective if you become mentally incapable of managing your own affairs. This tool will ensure that a family member or friend of your choice is able to take care of your financial matters if you become mentally incapable.

We are here to help you at this challenging time – with straightforward advice, support with specific tasks, or fully managing the required duties.  Call 604-948-7200 to arrange an initial consultation.