A “Power of Attorney” is an arrangement that gives one or more people, or an attorney, the authority to manage another person’s (the donor’s) property and/or their financial affairs, if they cannot do so themselves.
An “Enduring Power of Attorney” is an arrangement that allows the powers to remain in effect should a donor suffer a loss of capacity. The two types of Enduring Powers of Attorney are:
- The Power of Attorney is effective immediately, and will continue if the donor becomes mentally disabled.
- The Power of Attorney will take effect only if the donor becomes mentally disabled or incapacitated in other specified ways.
Although the Powers of Attorney Act no longer requires legal certification, it is recommended that you have a lawyer help you prepare an Enduring Power of Attorney. This is often done during the preparation of a Will and/or a Personal Directive.
Other options that are available to help those who may become incapable of handling their affairs are:
- Trusteeship Order – The court appoints a trustee to manage the donor’s property and finances.
- Guardianship Order –The court appoints a guardian to make personal decisions for the donor.
- Personal Directive – An agent is appointed to make personal decisions, if the donor loses capacity.