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Power Of Attorney FAQs

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WHAT IS A

POWER OF ATTORNEY FOR PROPERTY

or Enduring Power of Attorney?

Why Do You Need One?

These Power of Attorney FAQs provide answers to Frequently Asked Questions about arranging to have someone else manage your financial affairs for you.

They 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.

This is legal information. It is not legal advice. Consult a lawyer or paralegal for legal advice

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What is a Power of Attorney for Property or 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 lets you authorize a trusted person, or people, to manage your financial assets, make financial decisions on your behalf if, because of accident or illness, or in the event that you become mentally incapable, or incapacitated 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.

 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.

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.

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 POWER OF ATTORNEY FOR PROPERTY or Enduring Power of Attorney?

CanLaw Enduring Power of Attorney forms are legal, binding and valid for your will, estate planning, living trust in all provinces and territories in Canada.

  • CanLaw Power of Attorney forms are valid and legal in Ontario
  • Quebec Power of Attorney forms are valid and legal in Quebec
  • British Columbia Power of Attorney forms are valid and legal in British Columbia
  • Alberta Power of Attorney forms are valid and legal in Alberta
  • Saskatchewan Power of Attorney forms are valid and legal  in Saskatchewan
  • Manitoba Power of Attorney forms are valid and legal  in Manitoba
  • PEI Power of Attorney forms are valid and legal in PEI
  • Nova Scotia Power of Attorney forms are valid and legal in Nova Scotia
  • Newfoundland and Labrador Power of Attorney forms are valid and legal  in Newfoundland and Labrador
  • New Brunswick Power of Attorney forms are valid and legal  in New Brunswick
  • Yukon Power of Attorney forms are valid and legal  in Yukon
  • Nunavut Power of Attorney forms are valid and legal  in Nunavut
  • North West Territories Power of Attorney forms  are valid and legal in North West Territories

 

Power of Attorney forms are Estate Lawyer Approved  Probate Court Approved

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

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.

WHAT IS, WHY YOU NEED, AND HOW TO MAKE YOUR ENDURING POWER OF ATTORNEYThese Enduring Power of Attorney forms are designed for Canadian use by non lawyers. You Can Easily Prepare Your Own Enduring Power of Attorney in Minutes. You do not need any legal training or experience.

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CANLAW HAS BEEN OFFERING CERTIFIED   LEGAL FORMS BY AND FOR CANADIANS SINCE 1996

 

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