NL - The Legal Dimensions of Financial Literacy Tool

NL - The Legal Dimensions of Financial Literacy Tool
Preview Tool (PDF)

Newfoundland & Labrador edition

Power of Attorney is a legal document that gives another person the power, or right, to make decisions for you. The person you authorize to make decisions for you is called the attorney. The attorney should be someone you trust and does not need to be a lawyer. When you authorize someone to act as your attorney, you are referred to as the donor or grantor. This is because you are deciding to give or grant that power to another person. A person who you have named as an attorney has a legal duty to act in your best interest. If you are still legally competent to make your own decisions, your attorney has a legal duty to follow your directions. If you are not legally competent, your attorney must act in your best interest.

In Newfoundland and Labarador, there are two types of power of attorney that you can name with regard to your finances

  • Power of Attorney (with limited duration). This standard Power of Attorney automatically terminates when you are deemed no longer legally competent to make your own decisions.
  • Enduring Power of Attorney. This Power of Attorney continues to exist until your death, regardless of whether you are legally competent to make your own decisions.
  • For either type of power of attorney, you can place limits on the kinds of actions your attorney can take on your behalf. You do not need to give your attorney power over all your affairs. For example, you can give your attorney power only to use your chequing account to make deposits and withdrawals, and to pay your regular bills.

In Newfoundland and Labrador, the law is not clear as to whether a Power of Attorney created in another province is valid here. If you are concerned about the applicability of a Power of Attorney document in Newfoundland and Labrador, you should consult a lawyer for advice on your particular situation.

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National Initiative for the Care of the Elderly (NICE)
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Toronto, Ontario M5S 1V4, Canada