Powers of Attorney: Introducing The Two Types
A power of attorney (POA) is a legal document in which you give someone called an attorney the right to make important decisions for you. There are two types – a power of attorney for personal care, and a continuing power of attorney for property.
A power of attorney for personal care: This gives your attorney authority over your personal care such as health, security, and hygiene. It also gives you a chance to determine the kind of care you may or may not want. This only takes effect when you become mentally incapable of making decisions for yourself.
A continuing power of attorney for property: This gives your attorney authority over all or some of your finances and property except the authority to make a will on your behalf. It allows for the management of your finances and property on your behalf while you are still mentally capable of managing your own affairs, but also lets your attorney continue acting for you if you become mentally incapable of managing your finances and property. It can be “specific” or “limited”, giving authority to your attorney for a limited task like selling a house or giving them authority for a specific period of time. A continuing power of attorney for property takes effect as soon as you sign it. In some cases, it is possible to have the power of attorney come into effect only when you become mentally incapable. This must be specified in the document and in advance.
Why Should I Hire A Toronto Will Lawyer?
Deciding what happens after your death and choosing the right person to act on your behalf are very important decisions. Things needing a great deal of thought and consideration, De Rose Lawyers can help tailor wills and powers of attorney to your specific individual needs.
Why Choose De Rose Personal Injury Lawyers?
There are many formalities for making a valid will. Therefore, consulting a lawyer is your best course of action. At De Rose Lawyers, we will help you draft your will so that it complies with Ontario laws. Additionally, it will provide the best tax advantages for your estate and heirs. No matter your age or income, a will is extremely important and should be updated throughout your lifetime.
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