What Is an Enduring Power of Attorney?

An Enduring Power of Attorney (EPA) is a legal document that allows you to appoint someone to manage your financial affairs if you become mentally incapable due to illness, injury, or aging. Unlike a general power of attorney, which becomes invalid if you lose capacity, an EPA remains in effect even if you are no longer able to make decisions for yourself. This ensures that your bills are paid, investments are managed, and other financial matters are handled without the need for court intervention.

In Alberta, an EPA can take effect either immediately upon signing or only when you are deemed incapacitated. You can choose a trusted family member, friend, or professional to act as your attorney, and you can outline specific powers they will have. Without an EPA in place, your loved ones may need to apply for a court-appointed trusteeship, which can be time-consuming and costly.

Having an EPA as part of your estate plan provides peace of mind, knowing that your finances will be managed according to your wishes if you become unable to do so. It is a crucial document for adults of all ages, not just seniors. If you want to learn more or need help drafting an EPA tailored to your needs, Varsity Law can assist you in ensuring your affairs are in order.