What is a power of attorney and why do you need one?
Product description:These Power of Attorney FAQs explain a power of attorney and describes what happens if you do not have one and through accident or illness, you become incapable of managing your property.
CanLaw Power or Attorney forms are designed for Canadian use by non lawyers
You do not need a lawyer or any legal training or experience.
What is a CanLaw Power of Attorney for Property or an Enduring Power of Attorney?
The two terms mean the same thing. Both are terms for a legal document, signed by you in front of two witnesses.
Your power of attorney legally authorizes a person, or people, to make financial decisions on your behalf if, because of accident or illness, or in the event that you become mentally incapable, or incapable of acting for yourself.
What Will a CanLaw
Power of Attorney Do for Me?
What would your family do if they didn't have the power to access your bank accounts or manage your business affairs if you were in a car accident and in a coma.
Who will pay your bills?
What would happen to your finances if you became mentally incompetent.
A Power of Attorney for Property authorizes someone to deal with and manage your property for you.
Your property includes all your assets and finances unless you specifically exclude certain things.
What Should I Consider in Making A CanLaw Power of Attorney for Property?
Who do you want to manage your finances?
What instructions will you give them?
Will it be limited or general?
Do you want more than one attorney,
and if you want more than one, are they to act jointly or jointly and severally?
If your attorney can't act or continue to act, do you want to name a substitute?
You can also take the wise precaution of naming someone to replace, or substitute for, an attorney who cannot act, or continue to act, for you - a "substitute" attorney.
Isn't My Will With Executors
Named In it Sufficient?
No. A Will only covers your affairs once you die. You may want to also order our Last Will & Testament Kit Any Power of Attorney is only effective when you are alive.
Why Would I Want A
Power of Attorney for Property?
You should have a CanLaw Power of Attorney for Property in case you, because of accident or illness, become incapable of making decisions for yourself. In it you authorize someone to act for you and your best interests in conducting your financial and property matters.
By preparing a CanLaw Power of Attorney for Property now, you can ensure that your property, your assets, your bank accounts, are managed by someone you trust who knows you and what you want, to act in your best interests, when you can no longer make the decisions for yourself.
What About the Power of Attorney
Issued by Your Bank?
The bank's Power of attorney allows the person named to manage your assets deposited with that bank, but only that bank
How Many Types of
Power of Attorney Are There?
There are two types of Power of Attorney,
A Continuing Power of Attorney or a Power of Attorney for Property deals with your personal possessions and finances
A Power of Attorney for Personal Care deals with your personal health care decisions such as hygiene, shelter and consenting to medical treatment.
Does My Chosen "Attorney"
Have To Be a Lawyer?
Absolutely not. The person you designate is your "attorney".
You can name one attorney or more than one.
You can require that they act together ("jointly") or you can have them act separately as well as together ("jointly and severally").
If you designate more then one, you should include some form of disagreement resolution.
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