Powers of Attorney for Property / Finances
Please note that the following information is being provided for educational and informational purposes and does not constitute legal advice.
This is the final posting in my series about Power of Attorneys for Property in Ontario.
How Long Does it Last?
It’s important to remember that a Power of Attorney for Property takes effect as soon as it is signed. If you want the Power of Attorney to apply only at a certain time (e.g. when you end up at a hospital because you are incompetent or incapacitated or otherwise incapable of managing your property but not dead – as this will trigger your Will if you have one), then your Power of Attorney should clearly state that.
How do you Terminate a Power of Attorney for Property?
A Power of Attorney for Property can be revoked at any time while the person making it is legally fit or competent to do so. Under the Substitutes Decisions Act, a Power of Attorney can be terminated when (s. 12):
- the Power of Attorney is revoked (in writing and signed in front of two witnesses who are present – recall the legal requirements to have a valid Power of Attorney).
- the Grantor dies;
- the attorney dies, becomes incapable of managing property or resigns – unless a joint attorney or substitute attorney is authorized to act;
- the court appoints a guardian of property for the grantor;
- the grantor executes a new Power of Attorney (unless the grantor indicates that there shall be multiple continuing powers of attorney);
It is interesting to note that, if a continuing power of attorney is terminated or becomes invalid, any subsequent exercise of the power by the attorney is NEVERTHELESS VALID between the grantor or their estate and any person who acted in good faith and without knowledge of the termination or invalidity (s. 13(1)). The same applies if the Power of Attorney is ineffective because an improper person witnessed its execution.
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:
- British Columbia
- 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.