Power of Attorney (POA) is essentially a legal contract that allows you to appoint someone to take action on your behalf. The appointed individual can run your business, close real estate deals, sign off bank documents, or draft a will according to your guidance.
All over the world, the Power of Attorney is legally binding and helps individuals who are incapacitated or unavailable smoothly run their affairs. This blog today will explain everything about appointing a Power of Attorney, its benefits, and the steps to go about it.
What is Power of Attorney?
Power of Attorney (POA) is a legal document. By writing a Power of Attorney agreement and appointing someone as your POA, you allow them to take legal and financial decisions on your behalf when you are unable to.
There are two types of Power of Attorney. Type a) immediately comes into effect once you sign off POA, and type b) only comes into effect if you’re unavailable and unable to deal with the matters on your own. The latter is known as the enduring power of attorney.
When To Appoint a Power of Attorney?
If you’re someone who travels a lot due to work and has various matters at home that need your sign-off, you can appoint a Power of Attorney. Or if you have been diagnosed with an illness, degenerative mental condition, or condition that will make you incapacitated, you can appoint a power of attorney.
While POA allows an individual to write your will and estate planning, they cannot alter it in case of your death. In fact, all Power of Attorney arrangements come to an end in case of the death of the person who creates a POA.
Who To Appoint As Power of Attorney?
You can appoint your spouse, children, or even friends as your POA. The person being appointed must be over 18 years of age and mentally fit.
Steps to Appoint a Power of Attorney
Here are the steps to appoint a power of attorney.
- Find a suitable candidate
- Hire a lawyer in Torontoto discuss the process, benefits, and drawbacks
- Choose the type of POA, such as attorney-in-fact, General POA, or Financial POA etc.
- Sign off
For Legal Assistance in Toronto, Call Us
If you’re looking to create a Power of Attorney in Toronto, get in touch with us. At Nanda and Associate Lawyers, we help our clients with real estate matters, civil litigation as well as Canadian immigration appeals. Book an appointment today to consult with our civil and corporate lawyers in Toronto.
