Power of Attorney Lawyer

A TRUSTED DECISION-MAKER WHEN YOU NEED THEM

When it comes to managing money, finances, or business affairs, having someone you can rely on in a time of need is invaluable. A power of attorney is a legal document that allows you to designate someone else to make decisions for you when you’re unable to. By granting power of attorney, you’ll ensure that someone you trust is legally allowed to handle your financial and legal affairs. 

Why Designate an Attorney?

Having a power of attorney can be crucial if you become ill, injured, or mentally incapacitated and are unable to handle your affairs. Appointing a Power of Attorney under the B.C. Power of Attorney Act means someone can make financial decisions on your behalf, whether that’s paying bills or managing investments. A designated attorney can also assist with legal matters.

Aspects to Consider When Appointing a Power of Attorney

When it comes to appointing a Power of Attorney (POA), it's essential to consider several key factors to ensure your affairs are in good hands. The choice of who will act on your behalf is a significant decision and should be approached with careful thought and consideration.

Trust is the most important factor to consider. Choose someone who understands your values and is committed to acting in your best interest. This person should be reliable, organized, and capable of handling financial and legal matters competently.

Additionally, you should consider the proximity and availability of the person you're appointing. Ideally, they should be readily accessible to manage affairs without a long delay.

Understanding the extent of the power you are granting is crucial. Decide whether your POA will have broad or limited powers and under what circumstances these powers will come into effect.

Can I Change My Power of Attorney?

Absolutely. You have the right to change your Power of Attorney at any time, as long as you are mentally capable of making this decision.

Life circumstances change, and it may become necessary to appoint a different individual as your POA. This could be due to a variety of reasons such as a change in your relationship with the current POA, their inability to serve, or simply if you change your mind on who would be best suited for the role.

To make this change, you will need to revoke the current POA in writing and execute a new one. If you would like to make a change, our team is here to make sure that the role is transferred over correctly.

Power of Attorney vs Executor

It's important to understand the difference between a Power of Attorney and an Executor, as they serve distinct roles in managing your affairs.

A Power of Attorney is someone you appoint to make decisions on your behalf while you are still alive, but unable to make decisions yourself. This can include managing your finances and property, or making healthcare decisions.

An Executor, on the other hand, is appointed in your will to handle your affairs after your death. Their responsibilities include distributing assets according to your will, paying any debts or taxes, and overall management of your estate.

Both roles require trust and responsibility, but they operate under different circumstances and legal frameworks.

Do I Need a Lawyer When Appointing My Power of Attorney?

While it's not legally required to have a lawyer when appointing a Power of Attorney, it is highly recommended. As lawyers, we can provide valuable guidance in drafting the POA document, ensuring that it clearly reflects your intentions, and is compliant with legal standards.

We can help you understand the scope and implications of the powers you are granting and advise you on choosing the most suitable type of POA for your needs.

We will also ensure that all the necessary legal formalities are followed correctly, thereby reducing the risk of disputes or challenges to the POA’s authority in the future.

At Parr Business Law, our team will provide you with peace of mind that your affairs will be managed as you intended.

FAQs

    • If you get sick or injured and need someone to help make important decisions for you, they may not have the authority to do so.

    • Even if you own property jointly with a spouse (e.g. the family home), in order to sell that property, your spouse will require consent from yourself or your Attorney.

  • Perhaps the most important aspect of designating a power of attorney is deciding who you want to appoint as your legal representative. In most of Canada, whomever you appoint is called an “attorney” (not to be confused with a “lawyer”, though they could be a lawyer). In addition to ensuring that this person is someone that you trust to carry out your wishes, you will also want to confirm that they are ready, willing, and able to act on your behalf.

    Note that for a power of attorney to be valid, you must be mentally capable when you sign it, among other requirements.

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If you’re considering appointing a Power of Attorney, our Vancouver estate planning lawyers at Parr Business Law can help you navigate this process with confidence and clarity. Schedule a free consultation call today to discuss how a power of attorney can protect your legal, financial, and business affairs. We have the best estate planning lawyers and represent clients throughout Vancouver, the Lower Mainland, and all of British Columbia.