The two most common types of Power of Attorney are:
- Power of Attorney for Property
- Power of Attorney for Personal Care (or Health).
What is a Power of Attorney for Property?
If you give someone a Power of Attorney for Property, he or she can help you manage your finances, or when you become unable to manage your property in future, your money will be in safe hands.
Your ‘Property’ can include any of the following:
- Your money
- Your home (as an owner)
- Anything else you own
Power of Attorney for Property is a document that legally permits your attorney to manage your finances and property, provided that you are mentally capable.
You can also give a Power of Attorney for Property for a limited period of time. For example, if you plan to be out of the country for a while, you might want someone else to manage your property only while you are away.
What is Power of Attorney for Personal Care?
For some decisions, like those involving medical treatment, the law states that a doctor and other health care givers must get your substitute decision-makers consent before taking any action. You can appoint anyone you choose as your attorney for personal care, other than someone who is paid to provide health care or residential services to you, unless it is your own spouse or relative.
Power of Attorney for Personal Care is made for use by the person you choose to trust to be your decision-maker if you become mentally incapable of making decisions about your health and well being in the future. It gives you a chance to say what you want and do not want. For example, if you do not want certain medical treatments if you get seriously ill, you can state this in your Power of Attorney. You can also name two or more attorneys for personal care. They will act jointly (they must all agree) unless you say otherwise. If one of them dies, becomes incapable or resigns, unless you say otherwise, the remaining attorney can act. Making a Power of Attorney for Personal Care ensures that your wishes about your personal care decisions will be respected and carried out should the need arise. You can add instructions, conditions as well as restrictions in the power of attorney, which your agent or attorney will be required to adhere to.
If you are looking for a Power of Attorney to be used in Ontario, Canada, United States or any other country in the world, contact us at Notarizers for a free consultation on 416-782-5926, or Toll Free: 1-888-672-7266.