Without an Enduring Power of Attorney a relative or friend would have to make a Court
Application in order to be appointed your Trustee if you are incapacitated. This can be a costly and time consuming process.
Under the Power of Attorney's Act of Alberta, you can appoint an
individual or Trust Company (the "Attorney") to act in connection with your financial affairs.
A Power of Attorney can take effect at two points in time:
· It can take effect immediately; or · It can take
effect on the happening of a subsequent event, such as mental incapacity (a springing power of attorney).
These Powers of Attorney are often referred to as Enduring Powers
Attorney because they endure, or continue on after incapacity.
It is important to note that to make a valid Enduring Power of Attorney you must:
· Be mentally competent at the time it is prepared and signed; and · Be
able to understand the nature and effect of it.
