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ENDURING
POWER OF ATTORNEY
A LIFELINE FOR THE FUTURE
Your Financial Lifeline authorizing who you trust to take care of your financial and legal matters.
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An Enduring Power of Attorney is the legal document which authorizes who you name (Attorney) to act with the same authority as you have in looking after your financial, legal and digital matters should you become incapable of making those decisions for yourself during life. Such as caring for monthly expenses, online accounts or the sale of property. Consider what might happen to one’s financial situation - even a short term incapacity can lead to serious financial issues if no one can step in and look after personal or business finances.
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There are two types of Enduring Powers of Attorney. One is an “immediate” Enduring Power of Attorney and the other is a “springing” Enduring Power of Attorney. The “immediate” Enduring Power of Attorney is just that - it comes into effect upon the signing of it. The “springing” Enduring Power of Attorney does not take effect until such time as a written declaration is provided by two medical practitioners verifying that you do not have the mental capacity to make reasonable judgments about your financial matters, or in the event you are infirm and are incapable of managing your financial affairs.
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If you do not have an Enduring Power of Attorney in place and something were to happen to you such that you would not be able to take care of your financial affairs, either the Public Trustee of the Government of Alberta would be appointed to handle your financial affairs or an interested individual (not necessarily whom you may wish to appoint) may make an application to the Court to be appointed your Trustee. This is a very costly and lengthy process and in the meantime, your financial affairs are left in limbo.
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How to choose an Agent?Ask in advance if a person would be willing to act on your behalf, please note Agent must be over 18 years of age. Choose an alternate Agent in case your first Agent cannot act for you. Consider if the person is trustworthy, responsible and knows you well enough to understand and interpret your directions. Will make sure you have everything you need and has a good understanding of your wishes, beliefs and values so they can better represent you. You can have one Agent or more. They can act together (jointly), or you can have them act separately as well as together (severally and jointly). If you have more than one Agent acting at a time, how would you want to solve any disagreements? Be aware that naming multiple Agents may make things more complicated. Have a conversation with your Agent and be sure to make notes.
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What should I do with my Personal Directive once completed?Put in a safe place, be sure to let your Agent know where for quick access when needed. Give an original signed copy to your Agent, but document who you give copies to. You may wish your doctor to have a copy. You can register a copy with the Alberta Personal Directives Registry. Health care professionals will be able to access it more quickly. >>> https://open.alberta.ca/publications/personal-directive-registry
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Does marriage or divorce void a Personal Directive?No. Please review and keep up to date.
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How and when does my Personal Directive take effect?When you have been declared mentally incapacitated by your Agent and a Physician, and both parties have signed a Declaration of Incapacity Form.
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An Agent’s Responsibilities?Confirm that the Personal Directive is in effect. Consult with you. Follow instructions provided by you in your Personal Directive. If there are no clear instructions relevant to a particular situation, make the decision they feel you would make based on the knowledge of your wishes, beliefs and values. If they do not know your wishes, beliefs, and values, make a decision based on your best interests. Keep a record of all personal decisions made for the duration of your incapacity, and for two years after.
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How long does a Personal Directive Last?Until you die. You revoke it. You regain capacity. A court determines that it ceases to have effect. Your Agent dies or quits.