The 10 Most Often Asked Questions About Powers Of Attorney In British Columbia
1) What Is A Power Of Attorney?
This is a document that allows a person (called an attorney) or persons to handle the financial and legal affairs of another person (called a donor). It does not extend to making decisions regarding personal care or consent to medical treatment (this can be accomplished in B.C. by making a Representation Agreement). It may be limited to certain assets or limited in time.
2) When Does A Power Of Attorney Take Effect?
A Power of Attorney takes effect immediately upon signing unless it has a specified triggering event, such as incapacity. It ceases on death, if revoked or if the donor becomes mentally incapable (unless the Power of Attorney has an “enduring” clause in it).
3) Do I Still Retain The Ability To Handle My Own Affairs If I Give A Power Of Attorney?
Yes. However, you must trust the person you choose as your attorney because the attorney will also have the ability to deal with your assets.
4) What Are The Duties Of An Attorney?
The primary duty is to act in the best interests of the Donor and not take any personal benefit from the position of attorney. Another important duty is to keep records of all transactions handled as attorney, because the attorney can be called upon to account at any time.
5) What Fee Is My Attorney Entitled To?
No fee unless one is specified in the document, (normally no fee is set out) but an attorney is entitled to be reimbursed for out of pocket expenses.
