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Power of Attorney

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What is Power of attorney?

Essentially, a power of attorney is a legal document that you sign so that one or more people can manage your property and money on your behalf. Most of Canada refers to the person you appoint as your "attorney." That person does not have to be a lawyer.

For a power of attorney to be valid, you must be mentally competent at the time you sign it. To be mentally capable is to be able to understand and appreciate financial and legal decisions and to understand the consequences of these decisions. The legal definition of mental capacity, however, varies according to the laws in each province or territory.

What to think about 

Make sure the person you've chosen as your attorney is willing to represent you. Be sure to discuss their responsibilities with them. Communicate your wishes to them. Remind the attorney that they are legally obligated to always act in your best interest. A Power of Attorney should clearly state that your attorney can give gifts on your behalf (including to the attorney).

Think about the pros and cons of naming more than one attorney. It may be difficult to manage your finances if you are having disputes with your attorneys.

If your finances are complicated or you don't know if your friends or family members will be able to manage them, you might want to choose a trusted professional as your decision-maker. There may be fees involved.

If there is anything you don't want your attorney to be able to do, make sure to include that in your power of attorney document.

Learn from your financial institution what its rules are regarding dealings with attorneys. Continue to review your account statements as long as you're able to do so. Take action if the transactions done by your attorney aren't what you wanted.

Alberta Law Office has dedicated lawyers who can assist you with having a power of attorney. Contact us today and receive further information regarding these services. 

 

Charging interest on your debt can cause difficulties in your personal life. You need to know that you can protect the best interests of you and your family even in the midst of an overwhelming debt situation without any legal matters, or without a court. Prevention is better than cure. Here at Alberta Law Office, we are able to protect the best interests of our clients at the moment they need. This offers the best possible outcomes in a very short time. Many of our clients like this approach because they are given peace of mind in matters involving their debts. Alberta Law Office will get you the best legal advice and representation so that you are assured in the event of becoming a power of attorney in Alberta.

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