Tips for Preparing Your Enduring Power of Attorney
An Enduring Power of Attorney (EPA) appoints an Attorney, or Attorneys, to make financial decisions on your behalf. The EPA will continue to be in effect should you become mentally incapacitated. Typically, the EPA applies to all financial matters and is unlimited in its powers. You can, however, choose to restrict those powers.
You should appoint at least two attorneys to make your financial decisions. Attorneys can be either primary attorneys who will make decisions together, or alternate attorneys who will make decisions only if the other attorney(s) is/are unwilling or unable to. Your attorney may renounce his or her appointment at any time before this power of attorney comes into effect.
Other Powers of Attorney
You may have appointed an Attorney for some specific matter and, if so, you may wish to keep that in effect.
Coming Into Effect
Consider when you want your Enduring Power of Attorney to come into effect?
- When you become mentally incapacitated
- When you become mentally or physically incapacitated
- When you decide in writing, or become mentally or physically incapacitated (whichever comes first)
You should decide who you want to determine your incapacity:
- Your spouse/partner
- Appointed attorneys, if other than your spouse/partner
- Medically certified by one physician
- Medically certified by two physicians
- Other choice if none of the above applies
Powers Of Your Attorney
Your should decide whether you agree with the following typical description of your attorney’s powers:
1. My attorney has authority to do anything on my behalf that I may lawfully do by an attorney. This includes the ability to maintain, educate, benefit and advance myself, my spouse/partner and my dependent children. This also includes the power to sign all instruments on my behalf concerning land which are capable of registration under the Land Titles Act, Real Property Act or Registry Act of all the provinces of Canada and any foreign jurisdiction.
2. My attorney has authority to delegate any of the powers given by this power of attorney.
3. My attorney has authority to exercise his or her powers to protect my interests in matters relating to all or part of my estate.
Restrictions of Your Attorney
You should also determine whether you agree with the following typical description of your attorney’s restrictions:
1. My attorney may use my property only for my benefit and the benefit of my spouse/partner and my dependent children.
2. This enduring power of attorney terminates if I revoke it in writing at a time when I am mentally capable of understanding the nature and effect of the revocation.
Attorneys are entitled to fair compensation for their services, although they have the right to decline it. Although not mandatory, you should state whether or not compensation is to be paid and, if so, the amount. The amount can also be determined by the courts under the Trustee Act, if you so choose.