Why You Need an Enduring Power of Attorney Alongside Your Will

Many Albertans know they should have a Last Will and Testament, but fewer realize that an Enduring Power of Attorney is also important. While these documents often work together, they serve very different purposes.

A will only takes effect after you die. An Enduring Power of Attorney is used while you are still alive if you become unable to manage your own financial or legal affairs (because of an illness, injury, or loss of mental capacity).

An Enduring Power of Attorney allows you to choose someone you trust to make financial decisions on your behalf.
Depending on the authority you give them, they may be able to pay your bills, manage your bank accounts, handle investments, sell property, or deal with government benefits.
Without this document, your family may need to apply to the court for the authority to manage your affairs, which can be time-consuming, stressful, and expensive.

If something unexpected happens to you, it’s important to ensure you are covered. Limit the impact with an EPA.

Not Just For Seniors

Many people think these documents are only necessary for seniors.

In reality, every adult over the age of 18 should consider having an Enduring Power of Attorney. Serious accidents, unexpected illnesses, or medical emergencies can happen at any age. Planning ahead gives you peace of mind, knowing that someone you trust can step in if you are unable to make decisions yourself.

According to the Government of Alberta,

Every Albertan who is at least 18 years old should have:
a personal directive
an enduring power of attorney
a will

What is a Personal Directive (PD)? What’s the difference between a PD and an EPA?

An Enduring Power of Attorney is not the same as a Personal Directive. A Personal Directive allows someone to make personal and healthcare decisions for you if you lose capacity, while an Enduring Power of Attorney deals with financial and legal matters. Together with your will, these documents form the foundation of a complete estate plan.

Preparing these documents before you need them is one of the most important steps you can take to protect yourself, your family, and your future.

WillGenie.ca can generate all 3 of the legal documents recommended by the Government of Alberta.

Disclaimer: This article is provided for informational purposes only and does not constitute legal advice. Every person's circumstances are different, and estate planning laws can vary depending on your province and personal situation. If you have questions about your legal rights or how Alberta's laws apply to you, consider consulting a qualified lawyer. If your estate planning needs are straightforward, WillGenie makes it easy to prepare your Last Will and Testament, Enduring Power of Attorney, and Personal Directive online, at your own pace.