Power of attorney is a legal document where a trusted individual is appointed to handle your financial and legal affairs on your behalf, making it a vital part of estate planning. Without power of attorney, your family might have to go through the painful and costly process of committeeship where the court system becomes involved to make choices on behalf of you. As experts in wills and estate planning, the team at Sidhu & Associates knows why power of attorney is important for all individuals. That is why our team has compiled some common questions surrounding power of attorney to help you understand why it is important and how it can help with your estate.
Learn about the differences between a representation agreement vs. power of attorney.
Why Should Residents of BC Have a Power of Attorney?
While a power of attorney is something that many hope will never come into effect, it can protect your finances, health, and personal decisions if you were to become incapacitated. A great way to think of your power of attorney is as a form of disability insurance as it protects you while you are alive. With a power of attorney, your appointed individual is responsible for making major decisions about your property, finances, personal life, medical care, and other elements. This ensures that everything is handled as you want it to be, even if you can no longer make these decisions on your own.
Does a Power of Attorney Need to be Notarized in BC?
In BC, there are no requirements for your representation agreement to be notarized so long as you have followed the legal guidelines for signing and witnessing. Regardless, it is strongly recommended to have your enduring power of attorney notarized if you own land/property and will need your appointed representative to sell it for you. To sell your property, your enduring power of attorney must be registered with the Land Title and Survey Authority in BC.
Who Can be Named as Your Attorney or Representative?
Your attorney and representative should be someone who you trust to act on your behalf and ensure your wishes are met. Many individuals will choose a spouse, family member, or a close friend, though the person chosen must be over the age of majority, which is 19 in BC.
It is important to note that a person cannot act as an attorney if they provide healthcare to the grantor for compensation or provide residential, social, training, or support services to the grantor for compensation unless they are the grantor’s spouse, partner, or relative.
To learn more about power of attorney or other areas of estate and personal planning, get in touch with the team at Sidhu & Associates. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our services.
