Powers of Attorney

Have you considered what would happen if you became ill, or were unable to handle your affairs (e.g. due to mental incapacity, age, illness, accident or being out of the province/territory for a prolonged period of time)?

Your family would need to go through a time-consuming and costly process of applying to the courts to allow them to manage your day-to-day finances (i.e. paying bills or making trades in your investment account).

In a worst case scenario, someone whom you wouldn’t have wanted to have a say in your affairs could apply to the court to have these rights, and to make decisions on your behalf.

Powers of Attorney are governed by the laws of the applicable province or territory where you reside and/or may have property. Consequently, a lawyer in the relevant province(s)/territories should be consulted to ensure your document(s) is/are effective in that jurisdiction.

A Power of Attorney (referred to as a Mandate in Québec) is a legal document, separate from your Will, that allows you to appoint one or more person(s) to act on your behalf at times when you’re unable to act for yourself. You can also amend or revoke a Power of Attorney at any time while you have mental capacity.

A Power of Attorney won’t, however, enable that person to write or revise your will – that must be done by you, or make gifts with your property (unless specifically authorized in the Power of Attorney).

Having a Power of Attorney will give you peace of mind knowing that a person you trust and can rely upon will be the person in charge of your affairs should you need assistance in the future.