First is the concept of 'enduring' a POA agreement by itself would cease to be effective in Alberta once the donor (the person for the the POA is for) becomes mentally incapacitated. An Enduring POA gives a few more options, namely it can take effect:
- When the donor becomes mentally incapacitated, or
- When some other event specified by the donor occurs.
It my great-aunts case - she chose to give me Enduring Power of Attorney, effective immediately. In doing so, she also has effectively voided the previous POA agreement that was in place with another relative of hers. By and large, my family is happy that I will be assuming the role. I am the closest blood-relation, with a very good personal relationship in the city...everyone else lives 3-12 hours away. So with regards for appointments with banks etc. I make sense as a practical choice.
...So, what does that mean? What are my new responsibilities under this agreement?
- To act in her best interests - this includes a duty to protect her interests
- To consult with her, and those who take care of her and with family and friends as appropriate
- To keep accounts, and given an account when called upon to do so including: list of assets, assets acquired and disposed of, receipts/disbursements, investments bought/sold, liabilities, and payments - all with dates and a clear paper trail