What is an Enduring Power of Attorney?
An Enduring Power of Attorney, (EPA), is a legal document that gives someone else the right, while you are still alive, to act on your behalf with respect to your financial affairs. This can include paying bills, depositing and investing money on your behalf, and even selling your house, if your document gives this power.
Who can make an Enduring Power of Attorney?
If you are mentally competent and at least eighteen years of age you can make an Enduring Power of Attorney.
Why should I have one?
An Enduring Power of Attorney can provide you with a relatively simple and straightforward means of planning for your own incapacity. It allows you the ability to personally select a trustworthy individual or individuals (your “Attorney”) to manage your financial affairs and protect your interests should you become mentally incapacitated.
In the absence of an Enduring Power of Attorney, your family will have to make an application under the Adult Guardianship and Trusteeship Act, to authorize an individual to handle the financial (and in some cases the personal) affairs of the mentally incompetent individual.
When does my Enduring Power of Attorney come into effect?
You specify in your Enduring Power of Attorney when it will come into effect. Your Enduring Power of Attorney can come into effect when you declare in writing that it comes into effect, or you can choose to have a “Springing” Enduring Power of Attorney.
A Springing Enduring Power of Attorney will come into effect only when you are infirm, physically incapable of handling, or mentally incapable of making reasonable judgments in respect to your financial affairs. The written declaration of two physicians would be required to bring the Springing Enduring Power of Attorney into effect.
What powers will my Attorney have?
Unless you state otherwise in the Enduring Power of Attorney, your Attorney will have very wide powers to deal with all matters pertaining to your assets.
Can I cancel my Enduring Power of Attorney?
You may cancel your Enduring Power of Attorney at any time as long as you have the mental capacity to understand what you are doing. A Power of Attorney also comes to an end when either the Donor or the Attorney dies.
How do I make a Enduring Power of Attorney?
We recommend speaking with a lawyer about your Enduring Power of Attorney so you can ensure that it is drafted correctly to most accurately represent your wishes. Contact our lawyers at Brar Law for a consultation or for more information.
