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Powers of Attorney

March 8, 2012

With a Power of Attorney, you can appoint someone to manage your financial and legal affairs. This could include anything from depositing or withdrawing monies from your bank account, to buying, selling or mortgaging properties.

There are several kinds of Powers of Attorney. Often, people will just have a General Power of Attorney giving sweeping powers to do anything; however, unless you are giving a Power of Attorney to your spouse, we usually recommend conditions and limitations.

Generally, a Power of Attorney ceases when you lose the capacity to make decisions on your own. The exception to this is an “Enduring Power of Attorney”, which allows your Attorney to continue to make decisions  on your behalf, even if you lose the mental capacity.  The Attorney that you appoint has new responsibilities and liabilities under recent BC legislation to ensure accountability for your assets.

Still another form of Power of Attorney is the “Springing” Power of Attorney. These do not become effective until the happening of a specific event, such as mental incapacity, or a specific date, or other event.

Lowe & Company can advise you on the best kind of Power of Attorney to fit your situation, and help you draft it to suit your needs.

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