What is power of attorney?
Can someone make important financial decisions on your behalf if you are unable to? Read how a power of attorney can make this possible.
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A power of attorney is a legal document that empowers another person to act on your behalf, either temporarily (for example, while you’re seriously ill or out of the country for an extended period and unable to manage your finances) or permanently (for example, if you become unable to manage your money yourself due to illness or injury).
In most provinces, the people chosen to act on your behalf are known as “attorneys,” although they do not have to be lawyers. In most provinces, powers of attorney can be created to enable others to manage your finances and property, to make health and personal care decisions, or both.
Example: “When drafting a power of attorney for property, choose an attorney who is trustworthy and also knowledgeable enough to make wise financial decisions on your behalf.”
Read more on power of attorney:
- Estate planning changes in Ontario
Virtual signing and remote witnessing are now permanent options for clients and lawyers creating wills and powers of attorney in Ontario. Here’s how these and other changes might affect your estate plans. - Investing as power of attorney
Selling his mother’s house will leave Frank with $140,000 in proceeds. Here’s what he should do with the money. - Are fees payable for acting as power of attorney?
Can you be paid for a role as an attorney for property, in particular, after the position has already been resigned? - Gifting a parent’s assets using power of attorney
As power of attorney, does it make sense to divide up a parent’s assets before their death?
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