A power of attorney (POA) is a legal document that authorizes another person to act on your behalf if you are incapable of managing your affairs. A POA grants someone a lot of responsibility, so it should be someone you trust and who can take on the obligation. The POA is only valid while you live, but it is an important part of your will and estate planning in Rockland.
Two Types of POA
In Ontario, there are two types of POAs:
- Power of attorney for property – this document grants someone the authority to handle specific tasks or situations. Generally speaking, this POA is for financial decisions.
- Power of attorney for personal care – this document gives someone the power to make healthcare decisions for you.
POA’s can have broad authority, granting the person a wide range of responsibility, or you can name specific tasks that your attorney can perform on your behalf. For example, if you were out of the country, you could grant a POA to someone to sell your home until you return. Wills and estate lawyers in Prescott-Russell can tailor your POA to your needs.
Why is a POA Important to Your Estate Planning?
A POA does not replace a will. Your POA ends upon your death and your will becomes your legal voice. Your POA makes it easier for your loved ones to make decisions if you cannot. Choosing the person to designate as your attorney isn’t always an easy choice, because of the tremendous power you’re handing over. Make a careful choice.
The Ottawa wills and estates lawyers at Simard & Associates can help you draw up power of attorney paperwork to protect you in case you become unable to manage your own affairs. Get answers to everything you should know about wills and powers of attorney from the experts. Contact us for more information.