Why do I need a Power of Attorney?

December 17, 2020

In an Enduring Power of Attorney you appoint a person called an Attorney to handle your financial matters if you are mentally or physically incapable of doing so yourself. The term Attorney does not mean the person you choose has to be a lawyer. It is just a historical term we still use today.  The best Attorney is someone you trust. This person should also be organized, good with paperwork and managing their finances.

Remember, your spouse is not automatically your legal representative. If you lose capacity and do not have a Power of Attorney, no one can make these decisions for you without a Court Order. Your family will need to make an application before the Court of Queen’s Bench to appoint a Trustee. This is a costly and time-consuming process that can avoided by executing an Enduring Power of Attorney. Until someone is appointed, no one will have access to any assets in just your name. This can cause huge headaches for family members who may need to pay out of their own pocket for your living expenses for a period of time.

Don’t you want to be the one to decide who can make these important decisions for you?