Your parents might need more assistance as they are getting old. By taking care of their daily lives to managing their financials, you can ensure that they can lead a healthy life. It is always advisable to obtain a Power of Attorney on behalf of your parents at an early stage.
The process of obtaining a Power of Attorney can be difficult to navigate, hence it is essential to know the details of it.
What is Power of Attorney?
Power of Attorney is a process of obtaining a nomination on behalf of someone to manage their livelihood and finances when the person is not capable of handling it themselves. The tasks may include dealing with finances such as Banks, revenue agencies, Insurance, Investments and other legal matters involving personal life choices and health.
There are specific guidelines that must be followed by the agent when it comes to the principal they are looking after.
Read about the differences between Personal Directive and a Power of Attorney.
Why Would Your Parents Need One?
It is unfortunate that one in eight-person, over the age of 65 years suffer from diseases such as Alzheimer’s or dementia. Click here to read more about the statistics. Given their inability to make right choices, legally, a person suffering from dementia or Alzheimer’s cannot consent to have a Power of Attorney. Therefore, it of prime importance to obtain a legally binding Power of Attorney at the right time.
How do You Go About Obtaining Power of Attorney?
Discuss it with Your Parents
The first step is to have an agreement with your parents regarding their wish and your roles and responsibilities. It might be unclear at the start, yet having an informal agreement is advisable. You must ensure they are in a healthy state of mind to agree on things.
Determine the Type of Power of Attorney
Various types of Power of Attorney in Edmonton, Alberta:
- General Power of Attorney
- Special or Limited Power of Attorney
- Springing Power of Attorney
- Durable Power of Attorney
Choosing the right Power of Attorney for your needs is extremely important. It can vary from case to case basis. For example, a Springing Power of Attorney comes into effect only after a certain qualification is met, whereas an intermediate Power of Attorney effective immediately. Hence hiring an agent at this stage would be helpful to know the best possible type that suits you.
Understanding Requirements for Obtaining Power of Attorney in Alberta
A powerful document such as “Power of Attorney” is extremely important in one’s life. Each province in Canada has its own rules while documenting Power of Attorney and hence it becomes essential to hire a lawyer to document your case, who can ensure all the details are available. Our Edmonton, Alberta based Estate Lawyers at Right Legal can help you to create a Power of Attorney.
Get your documents Notarized
Once you or your lawyer have drafted the Power of Attorney, you must get it notarized with the registry in Alberta. You can use multiple copies to present the same to financial institutions such as Insurance, Revenue, Banks etc. However, it must be noted that you should obtain a true copy for Alberta Lands.
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