Create a Power of Attorney (POA) in Canada
Knowing that your affairs will be taken care of when you can’t take care of them yourself is reassuring.
Whether you become permanently incapacitated or just temporarily unable to make important decisions, having a Power of Attorney that allows a family member or other trusted advisor to make sound medical and financial decisions is a critical part of a comprehensive estate plan.
A Power of Attorney is a legal document that allows someone to act on your behalf.
- An Enduring Power of Attorney remains in effect if the principal becomes incapacitated. can be used to allow your agent to manage all of your affairs.
- An Ordinary Power of Attorney is normally active for a period of time until the donor is incapable of acting for themselves.
- A Special or Limited Power of Attorney is typically used for one-time financial transactions.
- A Springing Power of Attorney becomes effective if you become incapacitated or are no longer able to make decisions. An Immediate Power of Attorney grants the power to the attorney-in-fact or agent immediately upon execution of the document.
Depending on your needs, your provider lawyer can help you understand which type of Power(s) of Attorney you may need. Each province has laws governing Powers of Attorney. Join LegalShield today and contact your provider law firm for assistance.
While a quick Google search may make it seem obvious which type of Power of Attorney you need, there can be legal and medical factors you’re not aware of that warrant creating one type over another.
Also, if you want to create a Power of Attorney to be used much later in life that can flex as circumstances change, it’s important to consider scenarios that may not be clear to you at this time.
The best way to pick the right type of Power of Attorney is to work with an experienced lawyer to develop a comprehensive strategy for now and in the future.
Using a Power of Attorney, you can appoint any competent person over the age of 18 to be your lawyer-in-fact. You may also appoint financial institutions. However, keep in mind that this is a large responsibility to hand over to an individual. It’s critical that you choose thoughtfully and wisely.
Laws vary from province to province, and what seems like a small legal loophole can make legal documents unenforceable. The last thing you want is to have a bank or medical institution refuse to honour your Power of Attorney right when you need it most. To make sure your Power of Attorney is legally binding, work with a lawyer that has knowledge of the laws in your province. Doing it right provides peace of mind.
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Creating a Will on your own can be overwhelming and time-consuming. Also, without the help of a lawyer, you may never be sure you followed the law correctly and that a court will honour your wishes. Most lawyers charge an average of $1,500 dollars to draft a basic Will and estate plan. There is a better option.
Get a personal legal plan from LegalShield starting at $29.95 per month and you get a Will, Living Will/Advanced Directive and Power of Attorney created by an experienced estate planning lawyer within 5 days of completing our Will Worksheet. It’s the simple, stress-free way to cross this critical item off your task list.
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