Powers of Attorney
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In Ontario, there are two main types of powers of attorney, each serving different purposes:
Continuing Power of Attorney for Property
This legal document grants someone (referred to as the attorney for property) the authority to make financial and property-related decisions on behalf of the grantor. It becomes effective when the grantor signs the document and continues if the grantor becomes unable to manage their financial affairs due to incapacity or other reasons. It is very important to have a Continuing Power of Attorney in place in case you become unable to manage your financial matters because of illness or other incapacity. You appoint someone you trust to handle your financial matters including managing bank accounts, paying bills, selling property, and making investment decisions. Without a Continuing Power of Attorney for Property, your family may have to go to court to be appointed to act for you, which can be a time-consuming and costly process.
Power of Attorney for Personal Care
This document grants authority to someone to make healthcare and personal care decisions on behalf of the grantor if they are unable to make those decisions themselves due to illness or incapacity. Personal care decisions may include medical treatments, living arrangements, and end-of-life care. It is important to have a Power of Attorney for Personal Care because it allows individuals to specify who they would like to make medical decisions for them if they cannot. Without a Power of Attorney for Personal Care, the decision-making authority may be determined by the Health Care Consent Act, and the appointed decision-maker may not be someone the individual would have chosen.
Powers of attorney in Ontario are essential legal tools that allow individuals to plan for the possibility of incapacity. By appointing trusted individuals to manage financial and personal care matters through these documents, individuals can ensure that their wishes are respected and that their affairs are handled according to their preferences in the event they are unable to make decisions for themselves. It is a proactive and responsible approach to personal and financial planning. At The House Lawyer we prepare powers of attorney when we prepare your will because they are all essential parts of your estate plan.