Powers of Attorney
A Power of Attorney is a legal document that allows someone to act on your behalf in the event that you cannot. This person is referred to as your “attorney”. In Canada, attorney does not mean lawyer. You can designate someone as your Power of Attorney in the event that you need them to look after your finances or if you become ill and/or unable to make decisions concerning your health. A Power of Attorney is not a mandatory document required by law, but it is well advised to have one. A Power of Attorney is a voluntary document that can be revoked at any time.
There are three types of Powers of Attorney in Ontario:
- Continuing Power of Attorney for Property – A Continuing Power of Attorney for Property gives your attorney the authority to make decisions on behalf of your financial affairs in the event that you are unable or become mentally incapacitated.
- Continuing Power of Attorney for Personal Care – A Continuing Power of Attorney for Personal Care gives your attorney the authority to make decisions on behalf of your health care in the event you are unable or become mentally incapacitated.
- General Power of Attorney for Property – A General Power of Attorney for Property or otherwise known as a Non-Continuing Power of Attorney for Property document allows your attorney to manage your financial affairs when you are unable for a limited duration of time. The power of this document ceases to exist on an agreed upon date or in the event you become mentally incapable to manage your affairs.
Before giving your lawyer instructions on how to prepare these documents you need to consider:
- Who can you trust to act as your attorney?
- Should you appoint an alternative attorney in case the first individual becomes unable or unwilling?
- Will you allow your Attorney to claim payment for their duties, if so, how much?
- Do you want to include a clause regarding your life to be or not be sustained by artificial life support?