Granting a Power of Attorney

Unforeseen circumstances such as illness or injury, can prevent you from being able to manage your affairs and make decisions for yourself. When you grant a power of attorney, you will achieve peace of mind knowing that your financial affairs will be managed by someone acting in your best interests.

TRAF does not have the authority to carry out requests from your partner, family member or others unless you have made power of attorney arrangements, and TRAF has been provided with a copy of the document granting a power of attorney, as well as the Power of Attorney form. Your attorney should be advised to provide TRAF with a copy of these documents in the event you are no longer able to manage your financial affairs.

Who should be granted power of attorney?

Your power of attorney should be someone you trust. In many cases, it is a partner, adult child, family member or close friend. You may also wish to appoint joint attorneys or an alternate attorney.

What types of power of attorney are there?

  • general power of attorney grants the attorney authority to manage all financial affairs and assets.
  • limited power of attorney is restricted to a particular type of asset or specifies a fixed interval of time during which the power of attorney is valid.
  • An enduring power of attorney continues if you become mentally incapable of managing your affairs and must include a special clause to that effect.
  • springing power of attorney comes into force on a specified date or on the occurrence of a particular event, such as being declared mentally incompetent.

We encourage you to consult with your lawyer to ensure that you have the appropriate power of attorney in place.