There are instances when an older person might feel that a time would come when he would be unable to deal with his property and finances. Or there might be times when a person is involved in life risking jobs and might feel who is going to look after his affairs if he suddenly dies. In that case, a person can make a power of attorney for property and hand over the management to another person. Here are some things to keep in mind:
The person who would be appointed is known as the attorney. He need not be the lawyer. If a power of attorney is made in his name, then he would also have the same independence with regards to the property just as the actual owner. He might also acquire the right of selling the property if there are no limitations set on the attorney. To start the process, a Canadian has to first fill out a form and there he would have to provide all the requisite information pertaining to him and the attorneys. The information should be filled in accurately. Documents should also be provided to show where and what the property in question is and to prove the ownership of the property.
A public notary has to go through the power of attorney and sign it before it becomes legal and functional. The notary has to be authorized by the government. It is the duty of the notary to make sure that there has been no coercion involved during the signing of the document and the signer has to be present in front of him to verify so. He would then have to record the data and keep it for future reference.
If the signer wishes to put in any limitation on the power of attorney, then he has to do so in clear terms. A lawyer would be able to assist him in this matter. The signer should check and recheck the power of attorney to ensure that there are no loopholes. The period for which the power of attorney is granted to the other person should also be stated, at the end of which, the power granted to the attorney would cease to exist.
By looking into all the aspects, it would be perfectly safe to hand over the responsibility of managing your property through a power of attorney to another person.