Powers of Attorney
Why do I need a Will or Power of Attorney?
It’s important for everyone to establish a valid will and enduring Power of Attorney as part of their overall estate plan. Unfortunately, there are times when an accidental injury or debilitating medical condition renders a person incompetent or incapable of managing her financial affairs. If an unexpected injury, illness, or medical condition affects you or a member of your family, it’s important to be prepared.
Without a valid enduring Power of Attorney, when a person becomes incapable of managing their financial affairs, a spouse or family member will need to make an application to the court to be appointed ‘committee’ of that person’s finances. In some cases where no Power of Attorney has been established, the ‘public trustee’ may assume control and management of the person’s financial affairs. Both of these options are not only undesirable, but they are vastly more expensive than creating an enduring Power of Attorney in which you have control in choosing the person or persons you wish to have the legal right to manage your finances.
Manitoba’s Power of Attorney Act
Under the Power of Attorney Act of Manitoba, you may structure your enduring Power of Attorney to name whom you want to possess power over your financial affairs. You may also specify under what circumstances you want the person or persons named in your Power of Attorney to be able to exercise the powers granted to them. In addition, you may also make your attorney accountable to an independent third party of your choice.
Contact a Winnipeg Estate Planning Lawyer
Although there are very specific requirements for the effective creation and execution of a valid Power of Attorney, there is fortunately a great deal of flexibility in structuring an enduring Power of Attorney to suit your specific situation. A Winnipeg estate planning attorney who has experience in these matters will be able to provide you with the advice and guidance you need to structure your Power of Attorney to best suit your specific wants and needs. At Assiniboia Law Office, you can rest assured that a lawyer with experience in wills, Powers of Attorney, and other estate planning matters will be handling your legal affairs. There is nothing more important to us than helping you create an estate plan that serves all of your needs and protects both you and the ones you love.