Power of Attorney (POA) is an important wealth management tool for people of all ages. Estate planning and power of attorney go hand-in-hand. They let you secure your future by giving power to a suitable person.

A POA is a legal document that allows you to appoint a person or institution to manage your affairs on your behalf. In this arrangement, the grantor prepares the document, and the attorney manages the affairs.

You can bestow your attorney with powers to manage your legal, administrative, business, and any other operations in your absence. People prepare such documents to safeguard their wealth and continue their operations in the event of their unavailability. A POA also allows the attorney to manage their estate if they lose mental capacity.

If you live in British Columbia, hire a dedicated POA lawyer to prepare this document. Work with a local lawyer who is well-versed in the regulations of your city. For instance, if you want to prepare a Power of Attorney in Surrey, bring a local POA lawyer in Surrey on board. These professionals carry all the experience and expertise you need.

While a POA can help you delegate responsibilities related to your business, finances, estate management, and more, it does not involve health and personal care. You will need to prepare a representation agreement separately for this.

Find a lawyer, share details about the attorney you want to appoint, and inform them about the powers the attorney should have to prepare a POA in British Columbia.

What Are The Types Of POA In British Columbia?

Here are the major types of Power of Attorney you can create in British Columbia:

General Power Of Attorney

A general Power of Attorney lets you give a broad range of powers to a trusted individual or organization. This document often involves delegating various legal, administrative, and financial responsibilities to an attorney. If you are planning to prepare such a POA, be as specific as possible in all your clauses. Your Power of Attorney lawyer in BC will help you draft a foolproof document.

While a general POA gives many powers to the attorney, it loses its validity if the grantor loses mental capacity.

Enduring Power Of Attorney

An enduring POA is similar to a general POA, the only difference being in its validity. This Power of Attorney remains valid even if the grantor loses their mental capacity. Grantors usually make all the necessary provisions in these documents to ensure smooth handling of their affairs. These documents are prepared for long-term financial and business stability.

Limited Power Of Attorney

A limited Power of Attorney gives an individual/institution powers to manage your affairs for a specific time period. It may also be very specific about the areas you want your attorney to manage.

For example, if you are traveling abroad and need to close a real estate deal, you can have your attorney sign the relevant documents and oversee the deal on your behalf. This document becomes invalid when the specified time period is over or the specified task is completed.

What An Attorney Can And Cannot Do In British Columbia

Before you prepare your Power of Attorney in Surrey or any other region in British Columbia, you should know its scope.

Here are the most common actions an attorney can person on your behalf:

•                   Conduct real estate deals

•                   Manage your bank accounts

•                   Make investments

•                   Settle your debts

•                   Handle your business operations

•                   Manage your legal matters

•                   File your taxes

Here are a few actions your attorney cannot perform:

•                   Changing your will

•                   Making decisions related to your health and personal care

•                   Acting against your interests (and making their own decisions)

•                   Giving their powers to a third party

•                   Making unauthorized donations

•                   Changing beneficiaries in your estate plan or financial accounts

How To Prepare A Power Of Attorney In British Columbia?

Now that we know the basics of POA, let us quickly look at the key steps involved in preparing this document:

Hire A POA Lawyer

Once you have made up your mind about preparing this document, you should hire a trusted Power of Attorney lawyer in British Columbia. Ensure that the legal professional has the expertise and experience you are looking for.

Choose Your Attorney

You can then choose the person you trust the most to manage your operations. Take your time and be careful while appointing this person, especially if you choose an enduring Power of Attorney.

Prepare And Sign The Document

After finalizing your attorney, your lawyer will prepare the POA document. Review the document thoroughly and ensure that it contains all relevant clauses. Once prepared, you will need to sign it with two witnesses present. You can also sign it in a public notary’s presence.

Register Your POA (If Needed)

You may need to register your POA with the Land Title Office if it involves real estate or land-related transactions. Consult your lawyer to see if you need any other registrations.

What Ends A Power Of Attorney In BC?

Your Power of Attorney can end or become invalid in British Columbia under the following circumstances:

•                   The grantor’s demise

•                   The grantor revoking their POA

•                   The chosen attorney resigning

•                   The court cancelling the POA

Receive Comprehensive Legal Help In Preparing Your Power Of Attorney In BC

If you have chosen your attorney and wish to prepare a POA in BC, Cube Law will help you throughout the process. Our lawyers will receive your requirements and create a precise POA with all the provisions you need. They help you choose the right POA and add the clauses you shouldn’t miss. We will also protect you legally and help you resolve any disputes arising before or after preparing your POA. Our lawyers understand all applicable regulations and will guide you in preparing a foolproof Power of Attorney in BC at affordable rates.