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Family Law Services
A Power of Attorney lets you choose someone you trust to manage financial and legal matters on your behalf. Putting the right document in place can provide clarity, protect your interests and reduce uncertainty for your family if you are ever unable to manage those decisions yourself.
Power of Attorney
An Enduring Power of Attorney is a legal document that gives another person authority to make financial decisions for you. In Alberta, it can take effect immediately and continue if you lose capacity, or it can be written to take effect only if you lose capacity.
Choosing someone in advance can give you more control over who manages your financial affairs and how those decisions are handled. At Richmond Tymchuk Family Law LLP, we’re here to help you understand the scope of the authority you are granting and prepare a document that reflects your intentions.
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Every couple’s financial circumstances are different. A prenuptial agreement can provide greater certainty around how property, assets and debts will be treated if the marriage ends.
Depending on your circumstances, an agreement may address business interests, investments, real estate, inheritances, existing debts and other financial assets. Prenuptial Agreements can also include terms relating to spousal support, although a court may still review support depending on the circumstances at the time of separation.
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The person you appoint may be responsible for significant financial decisions, so choosing someone you trust is important. Your attorney should understand your priorities, be comfortable handling financial responsibilities and be prepared to act in your interests. It can also be helpful to consider whether an alternate attorney should be named in case your first choice cannot act.
Let us assist you through the practical implications of that decision before we finalize your document.
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A Power of Attorney and a Personal Directive serve different purposes.
An Enduring Power of Attorney covers financial and legal matters. A Personal Directive allows you to appoint someone to make personal decisions, including certain health care and living decisions, if you lose capacity. Alberta recommends that adults consider having both documents, together with a will, as part of their advance planning.
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The document itself determines when the attorney’s authority begins. It may start as soon as the document is signed, on a specified date or when a particular event occurs.
If the document is written to take effect when you lose capacity, it should also state who is responsible for determining that the triggering event has occurred. If it does not, Alberta requires two medical practitioners to provide the written declaration.
Careful drafting helps make those instructions clear before you ever need the document.
A Power of Attorney lets you decide who you trust to manage important financial matters and when that authority should begin. Richmond Tymchuk Family Law LLP can help you prepare a document that protects your interests and fits within your broader estate plan.
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