A Power of Attorney is a document that allows you to appoint a person or organization to manage your financial affairs and some legal matters in the occasion that you become unable to do so. A Power of Attorney ensures that you have a caretaker when you are least equipped to manage your affairs.
Not all Powers of Attorney are the same, each type gives a different scope of authority to your attorney (the person that you appoint to manage your affairs) or when it becomes active.
General Power of Attorney
A General Power of Attorney gives broad powers to the appointed attorney to act on your behalf, such as financial and business transactions, buying life insurance, settling claims, operating business interests, making gifts and employing professional help when needed.
Limited Power of Attorney
A Limited Power of Attorney gives specific responsibilities to an attorney in the occasion when you cannot handle certain affairs due to commitments or health reasons. Limited Powers of Attorney can give specific responsibilities such as paying bills, managing property or finance and can be assigned to individuals depending on specialization. This is beneficial for when clients have specific preferences in who can manage what aspect of their affairs, such as business partners for handling business transactions and family members for, selling property, managing real estate, and collecting debts, renewing or making payments on existing loans or make charitable donations
Enduring Power of Attorney
An Enduring Power of Attorney is someone that continues beyond the loss of capacity and is not revoked by operation of law. Both General and Limited Powers of Attorney can be an Enduring Power of Attorney.
Differences Between a Representation Agreement and a Power of Attorney
A Representation Agreement is like a Power of Attorney but for health care decision making
Representation Agreement gives a representative the power to make decisions regarding health and personal matters (ex. Hearing aids etc.) whereas the Power of Attorney gives authority to make decisions regarding legal and financial matters. Representation Agreement might give authority for “routine financial affairs” but it is significantly more limited than a Power of Attorney and could not be used to sell real estate on behalf of the client. The Representation Agreement is for making sure someone will make the health care decisions you want when you no longer can.
Appointing a Power of Attorney is a significant step in an estate planning process. To avoid undue stress and expense in the occasion that you are incapable of managing your affairs, or if you need help it is always beneficial to appoint a Power of Attorney sooner than later. Book an appointment with one of our lawyers today to get started!
Provincial Court Family Rules
Wesley Shields, a family lawyer in our office was appointed as a member of the Provincial Court Family Rules Working Group in 2017. The Committee began its work in 2014 on implementing changes and reforms to the B.C. Provincial Court Family Rules. In the edition of The Lawyer’s Daily article titled “B.C. family law reform proposals aimed at less adversarial system, smaller burden on courts” they interviewed Wesley Shields on the new recommendations proposed regarding Provincial Family Rules.
New York New Years 2019
For New Years Eve 2019, FH&P Lawyers were proud to serve hot chocolate to anyone who had attended New York New Years in Stuart Park. The event started at 6pm and ran until 9pm. This is the 8th annual New York New Years, which was put on by Valley First and the City of Kelowna. This is one of the only free New Years Eve all ages event that happens in Kelowna.
FH&P Lawyers New Office Now Open in Penticton
FH&P Lawyers is very excited to announce the opening of our new location at 74 Wade Avenue, Penticton. This will be our second location in the South Okanagan and we are delighted to continue serving the communities we call home.