The Canadian Bar Association, British Columbia Branch, provides that a power of attorney is a document that appoints another person, called an “attorney,” to deal with your business and property and to make financial and legal decisions for you. The word “attorney” here means “one who is appointed and authorized to act in the place of another person.”
Enduring Power of Attorney
Normally a Power of Attorney lapses or ceases to be effective if the donor becomes incapable. The Power of Attorney is only valid if the donor still has mental capacity. This restriction limits the usefulness of a Power of Attorney. The Power of Attorney Act permits a donor to make an Enduring Power of Attorney. This type of Power of Attorney continues to be valid even if the donor at a later time become incapable. For this reason, an enduring power of attorney can be a useful tool in any estate plan.
An enduring power of attorney allows your attorney to make the necessary financial and legal decisions for you if you become mentally incapable because of age, accident or illness. To make a valid enduring power of attorney, the document must specify whether the attorney can exercise authority only while you are capable or only while you are incapable (or both). The document must also state that your attorney’s authority will continue even if you’re no longer able to make decisions for yourself.
Contact a Vancouver Power of Attorney Lawyer
The National Director of the Canadian Centre for Elder Law provides that financial abuse of the elderly is a huge and growing problem as frailty and rising rates of dementia can leave the assets of Canada’s aging population to the mercy of their children or other relatives stating that “What we are seeing is increased abuse of power of attorney. It appears to be on the rise and certainly we will have more of it occur as our baby boomers age.”
If you believe that someone is abusing a power of attorney, it is important to speak to a Vancouver Power of Attorney lawyer. The lawyers at McLarty Wolf are committed to helping those who are victims of financial abuse. To discuss your case with one of our lawyers, call our office today at 604-688-9542 or send us an email at online contact form.