It is a legal document that gives a person power on behalf of another person. In Canadian law, this person is usually called the “attorney”. Unlike U.S. law, in Canadian law “attorney” does not mean “lawyer”.
Power of attorney can be divided into two classes:
Power of attorney for personal care: A document that enables you to take personal decisions regarding someone or something, that is not a property, like where you will live, medical care, to name someone etc. It is usually given to someone to make decisions on behalf of the giver when the giver becomes incapable of making decisions relating to his health and care.
Power of attorney for property: This power is vested to someone whom you want to manage your property, tangible or intangible, if you feel you are unable to maintain your property. Though this power of attorney will vest no right to take personal decisions like power of attorney for personal care.
In times of emergency, you seek to distribute your power to the one you trust. If you don’t your property might face odds and hence damages. Thus it is advisable to transfer the power to someone who can manage your property via power of attorney for property in Ontario.
While making a power of attorney for property, you need to make sure of the following things:
- How much power you want to give to your attorney?
- Do you want to limit the scope of your attorney’s power? If yes, to what extent?
- Check and be sure of the valid period of such power of attorney.
- Make sure the power of attorney is in force from the time you stated.
- If you want, you can give continuing power to your attorney, who must be 18+ years and of full mental capacity.
Before granting continuing power to someone, make sure you have taken care of the following:
- Have an approximation of your property value.
- Stay aware about the fact of who is financially dependent on you.
- Be sure of the authority you are vesting your attorney with.
- Be sure of your rights, such as your right to revoke the power of attorney whenever you want if you are mentally capable of doing so.
- Understand the risk of misuse of power before signing such power of attorney.
If you are thinking where to get the power of attorney for property prepared in Ontario, then Notarizers is the place for you. We have the finest of law professionals who will take care of all your legal rights and will give you a service that serves the best of your interest, in the most affordable way. Get more information about us by logging into our website or calling 416-782-5926.