Question

In: Finance

Etienne hates his parents. He is 18 years old and goes to UIW, and he is into extreme sports.

Etienne hates his parents. He is 18 years old and goes to UIW, and he is into extreme sports. Etienne has decided that if he dies or is injured he wants his sister, Emilie, to make all decisions for him. What document(s) should Etienne execute to make sure his sister Emilie is in charge if he should be injured or die?

Solutions

Expert Solution

Etienne should execute Power of attorney (POA) to make his sister in charge to make all decision for him.

  • Power of attorney provides authority to a person (agent) to act on behalf of another (principal). Agent can be given legal authority to make decision for business decision, finance decision or medical care. Power of attorney is majorly used when principal turns ill, disabled or cannot be present to sign a document.
  • In this case, Etienne is principal and her sister Emilie is agent to act on behalf of Etienne.
  • There are two types of POA: General Power of attorney and limited power of attorney.
  • A general power of attorney allows agent to act in all decision making such as handling finances, running business, taking investment decision, buying or selling assets, making decision on medical care etc. Whereas, under limited power of attorney agent is given authority to act only in specific event to situation. Such as POA explicitly mentioned to handle particular investment account etc.
  • Here, Etienne should provide General Power of attorney to her sister Emilie.

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