What Is an Enduring Power of Attorney and Why You Need an Enduring Power of Attorney Now?
Enduring Power of Attorney (EPA) is a power of attorney in which an adult authorizes a person (attorney) to make decisions on behalf of the adult, or do certain things in relation to the adult's financial and property matters, and that continues to have effect while, or comes into effect when, the adult is mentally incapable. This can include paying bills, depositing and investing money on your behalf, and even selling your house.
It is important that you appoint a trusted person as your attorney. It is also important that the content and execution of the document comply with the provisions of the law governing power of attorney in Alberta.
By executing an EPA now, you ensure that your properties are managed by someone you trust can act in your best interest and who knows what you want and your values. It is a simple and inexpensive way to plan ahead. Otherwise if you have mental incapacity in future without the EPA, the court process of applying by someone to be the trustee of your property can be lengthy and expensive and can lead to disagreement among family members.
You can always revoke your Enduring Power of Attorney as long as you are mentally capable.
We can assist you in the preparation of your Enduring Power of Attorney at a very reasonable cost.