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18

Power of Attorney for Property (Part 1/3)

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Powers of Attorney for Property / Finances

Here is the first part of a series of blogs all about Power of Attorneys for Property in Ontario.

What is a Power of Attorney for Property in Ontario?
A Continuing Power of Attorney for Property is a legal document made under the Substitute Decisions Act, 1992 (Ontario) wherein a person grants their decision-making authority over their property and financial affairs to another person. This document deals with things like banking, securities, insurance, retirement savings, annuities, real estate, businesses, etc. The word “Continuing” or “Enduring” is used to demonstrate that, even after the grantor (i.e. the person making the power of attorney) becomes incapacitated, the power of attorney will still continue or endure with legal effect. A non-continuing Power of Attorney for Property covers your financial affairs but can’t be used if you become mentally incapable. These may be used if you need someone to sell your property, for example, while you’re away for an extended period of time.

What are the benefits of having one?
The benefits of having a Power of Attorney for Property include:

  • Having control over who makes decisions on your behalf (and sometimes how they make those decisions) concerning your property when you can no longer do so;
  • Avoiding litigation (and the wasted time, money, and effort) to see who will be appointed to be your representative or guardian.

Note: the word “attorney” does not mean that the person is or becomes a lawyer. They are simply the person appointed as such and nothing more.

A Power of Attorney for Property deals with things like banking matters, securities, insurance policies, retirement savings, annuities, real estate, businesses, etc.

Remember: you can entirely limit the powers of your attorney such that they do not have the power to handle some of your property or financial affairs.

What are the benefits of having a Power of Attorney for Property?
The benefits of having a Power of Attorney for Property include:

  • Having control over who makes decisions on your behalf (and sometimes how they make those decisions) concerning your property when you can no longer do so;
  • Avoiding litigation (and the wasted time, money, and effort) to see who will be appointed to be your representative or guardian.

What happens if you do not have a Power of Attorney for Property?
If you do not have a Power of Attorney over property, your financial affairs are not automatically transferred to family members (a common misconception). Rather, someone must apply to the court for permissions to be your representative or a guardian must be appointed by the Office of the Public Guardian and Trustee or by the Court.

In case you were looking for a Continuing Power of Attorney legal form, look no further:

I’m pleased to announce that we have just released our latest software for 7 Canadian Provinces:

The Power of Attorney Wizard will allow users to make a custom-tailored .pdf Power of Attorney for property and financial matters. There’s nothing else like it on the Internet. It’s been in the works for many months and will be available for the following provinces:

  • Ontario
  • Alberta
  • British Columbia
  • Saskatchewan
  • Manitoba
  • New Brunswick
  • Nova Scotia

So what makes the Power of Attorney Wizard so great? A lot! It is the most advanced, comprehensive, and flexible software out there for making a Power of Attorney (including Enduring Powers of Attorney). The amount of detail that went into this software is truly amazing. Here are some highlights:

  • Very comprehensive (nothing else comes close)
  • Very flexible in terms of the options (again, nothing else comes close)
  • Based on provincial POA laws (unlike other kits)
  • Created by a Canadian lawyer (i.e. me)
  • Comes with free signing instructions
  • Comes with free edits for 90 days
  • Comes with free eBook about Powers of Attorney for your Province
  • It will be regularly updated (particularly when the laws change)
  • Affordable: only $57 + tax!

I’m very excited about the Power of Attorney Wizard. It will go hand in hand with Canada’s #1 Will-creation software: the Will-O-Matic, which is offered exclusively here on DynamicLegalForms.com. I’m sure the Power of Attorney Wizard will get as much fanfare from the public and the press as the Will-O-Matic has received in the short time that it has been around.

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