Power of Attorney
Managing your personal and financial affairs
A power of attorney is a means by which people can, through an intermediary, exercise some control over their financial and personal lives even though they are no longer mentally capable. As such, it represents a sort of "living will". Everyone should have a power of attorney, both for their financial affairs and their personal care – just as everyone should have a will.
Power of Attorney for your Financial Affairs
A continuing power of attorney allows you to appoint a person to manage your finances and property once you have become mentally incapable. It can be anyone over the age of 18. With the exception of making a will, the attorney can make virtually any decision regarding your property or finances that you could, if capable. Naturally, then, great care must be taken in choosing an attorney; often it will be a spouse, partner, friend, parent or child of the grantor. It could equally be your lawyer, accountant, financial adviser or financial institution.To execute a continuing power of attorney for your financial affairs, you must be 18 years old and mentally capable. Essentially, you will be considered mentally capable of granting a power of attorney for your finances if you:
- know what kind of property and assets you own and its approximate value;
- know of any obligations you have to your dependants;
- know what powers your attorney will have; and
- know that you may revoke the power of attorney at any time, if capable.
Powers of Attorney for Personal Care
In Ontario, the Substitute Decisions Act allows you to appoint an attorney for your personal care. “Personal Care” decisions include those involving health care, housing, food, clothing, and safety. If a person becomes mentally incapable without having executed a continuing power of attorney, the person's spouse, partner, or other relative may apply to become the statutory guardian. A Power of Attorney for personal care can be granted to anyone over the age of 16.A power of attorney for personal care can only be used if the person granting it has become incapable of making personal care decisions. However, no formal process is necessary for its implementation. Your personal care attorney can make a decision if he or she had reasonable grounds to believe that you are incapable of making the decision. However, you can include in your power of attorney for personal care a provision requiring your incapability of personal care to be confirmed before your attorney can act.
If you have a question about Powers of Attorney or would like to speak with one of our will & estates lawyers, please or call us on 613 563 7544.