How would loved ones’ access funds and make financial decisions on your behalf if you suffered a serious accident or illness and could not look after your own financial or business affairs?
This question is hard to consider, but vital once you start to create an estate plan.
Nobody likes to think about a time when they are incapacitated but people are living longer in Alberta and it is a reality that many have to face.
At Vest Estate Lawyers, our experts are ready to help you with the toughest of questions so that you can plan for later life and protect yourself and your loved ones’.
An enduring power of attorney is a legal agreement that authorizes a nominated individual (or individuals) to make decisions about your financial affairs if you are unable to do so.
Alberta’s Powers of Attorney Act includes legislation that covers these agreements.
The person(s) you select to act as “attorney” should be highly trustworthy and financially capable.
The agreement must:
- Be written while you have the capacity to make your own decisions
- State when the “attorney” has the authority to make decisions
- Specify if the authorization starts immediately or when you lose capacity (and continue)