What is a Power of Attorney?
A power of attorney is a written authorization to represent or act on your behalf in financial affairs, business, or other legal capacity (for example to manage your money and property). The person you appoint is called the “attorney”.
There are a number of requirements for a power of attorney. Firstly, you must be mentally capable at the time you sign any type of power of attorney for it to be valid. In general, to be mentally capable means that you are able to understand and appreciate financial and legal decisions, and understand the consequences of making these decisions.
You can revoke the power of attorney at any time you choose, provided you are still mentally capable.
Types of Power of Attorney
When someone refers to a Power of Attorney, this can generally refer to two different types of legal documents:
A general power of attorney is a legal document that can give your attorney authority to handle all or some of your finances and property. It allows your attorney to manage your finances and property on your behalf only while you are mentally capable of managing your own affairs. It ends if you become mentally incapable of managing your own affairs.
An enduring power of attorney is a legal document that lets your attorney continue acting for you if you become mentally incapable of managing your finances and property. It can also give your attorney authority over all or some of your finances and property. An enduring or continuing power of attorney can take effect as soon as you sign it. In some cases, it is possible to have the power of attorney come into effect only when you become mentally incapable, if this was specified in the document.
Hire a Notary Public to draft a Power Of Attorney
At Vancouver Downtown Notary, we offer same-day notary services and even mobile notary services to help you quickly and efficiently.
When it comes to drafting a Power of Attorney, there are some key differences between a representation agreement and power of attorney. For more information, you can always contact us by filling out the form below.
