Power of Attorney.
Along with your will, a power of attorney is one of the most important documents for you to have as it makes your wishes known when you cannot speak for yourself. In the event that you are unable to manage your finances, the power of attorney allows you to designate one or more individuals to make decisions regarding your money and property for you. Across most of Canada, that person will be referred to as an “attorney” though they need not be a lawyer.
In general, two types of power of attorney are used for property and finances in Canada. These are:
General Power of Attorney. This is a legal document that grants authority to your attorney over some or all your finances and property. However, it is only in effect when you are mentally incapable of managing your own affairs. Should you be deemed mentally capable once more, their authority comes to an end. General power of attorney may be limited to a particular task or a specific duration of time, and if desired, can be delayed starting on a specific date following signing.
Enduring Powers of Attorney, also known as continuing powers of attorney, allows your attorney to continue acting on your behalf even if you become mentally capable. As with a general power of attorney, it can grant authority over some or all your finances or property. It can take effect upon signing, though in some cases it can be specified to come into effect only when you become mentally incapable.
Many Canadians have genuine concerns about the handling of their finances as they age. We help you prepare your power of attorney so that you can have peace of mind knowing that your future is in trusted hands. Some of the advantages of having a power of attorney include:
- Control over who has authority over your money and property when you are incapable of managing them
- The ability to be either general or highly specific, according to your needs
- The ability to appoint more than one attorney and specify whether they can make decisions individually or together, as having two or more attorneys can reduce the risk of the power of attorney being used in a fraudulent manner
- The ability to designate successive attorneys
A valid power of attorney document is your means of ensuring that your affairs are handled the way you want. Don’t leave loved ones scrambling to get authority from the court by not taking the time to designate your attorney.
Let us put our experience to work for you, so that your power of attorney document serves your best interests and protects your loved ones.
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