Power of Attorneys (POAS)
What is A POA in Alberta?
Alberta POAs are documents that give the ability for someone else to act on your behalf. POA is short for power of attorney. These power of attorneys have a variety of names as set out below. Alberta POAs are legal documents. You are liable for the actions that the person takes on your behalf. This means that you need the right Alberta POA for your specific situation and circumstances. The POA lawyers in Calgary, can help if you need a POA.
Different Types of POAs
There are a variety of Alberta POAs. They each have a specific use and context. Some types of Alberta POAs have different names but actually refer to the same type of document. Here are examples of the types of Alberta POAs that you may need:
Specific Power of Attorney
A specific power of attorney is the simplest power of attorney. It has the last function and is very specific as to what can be done with it. This POA is used when you need someone to do one specific thing for you. It is also used to complete one specific transaction. It is very limited to what can be done under the POA.
General Power of Attorney
A general power of attorney is used to give a very broad term of use to the attorney. With a general Power of Attorney, you are giving the ability to do anything that you can legally do. This means that there are very few limits on the attorney. You must be able to absolutely trust this person. There are limits on certain things that you cannot give away control of. For example, that person cannot pass on the general POA to someone else to use. Also, if you lose mental capacity, your attorney will no longer be able to make choices for you. This is avoided by having either a durable or enduring POA.
Enduring Power of Attorney
An enduring power of attorney is a POA that gives broad or narrow powers to someone. Usually they are broad as they are meant to be used to take over financial decision making for a person to avoid the cost and time in getting trusteeship. It is different than the above POAs because it endures past the losing of mental capacity of the donor. There is very specific language that is needed to make this valid.
Durable Power of Attorney
A durable power of attorney is similar to a Enduring Power of Attorney. While the words are often used interchangeably, some people refer to one for situations where the POA does not start working until a person loses capacity. They then use the other that is active right away but also survives the losing of capacity. In reality the term is less important. What is more important is the wishes of the person giving the POA. Either document can be used if drafted properly.
Advantages Of A POA
There are several risks and advantages of a POA. The following are some of the advantages:
- Convenience: You can have someone sign off on things for you.
- Practicality: There are times where you may not be able to sign off on material related documents.
- Control: You control the amount of power the Power of Attorney gives and the duration
- Savings: Having a Power of Attorney can save you thousands in avoiding a court order for trusteeship.
- Flexible: A POA can be used in almost all situations and can (or should ) be drafted in a way that is custom to what you need.
Risks Of A Power of Attorney
- Too Narrow: may not think of all situations that may need to be covered and the POA will not accomplish what you need.
- Loss: You may give POA to someone who does not follow your wishes and takes advantage of the situation.
- Error: The person you give POA to may not have a good understanding of what you need or want done. May not know how to manage your assets and finances or may make
- Duration: It is important to revoke your POA when you no long need to have the attorney act for you.
Picking Your Attorney In Your POA
The number one aspect in picking your attorney in your POA is trust. You are giving this person significant powers so you must be able to trust them. Other factors to consider include:
- Are they reliable?
- Do they have the experience to properly deal with your asset(s)?
- Will this person be willing to act on your behalf?
- Will your attorney be available when you need them?
- Does the person named in your Power of Attorney know what you want them to do on your behalf?
Lawyers in Calgary, Alberta Help You Decide The Right Alberta POA For You
Our Calgary, Alberta lawyers will help you understand the power of attorneys. We will help you pick the right kind for your situation. We will also advise you of the risks and advantages. Kahane Law Office is happy to assist you in all matters relating to a power of attorney. Call today! 403-225-8810 locally. you can also reach us toll free at 1-877-225-8817, or email us directly here.