A will is legal paperwork that outlines your intentions for how you want your possessions to be distributed and how you want to care provided for any minor children. Those wishes might not be honoured if you pass away without making a will. Additionally, it could take more time, money, and emotional effort for your heirs to settle your affairs following your passing.
Power of Attorney
You can authorise one person—or several individuals—to manage your finances and assets on your behalf by signing a power of attorney. The person you select is referred to as an "attorney" throughout most of Canada. It's not necessary for them to be lawyers.
You must be mentally competent to sign any kind of power of attorney and for it to be enforceable, among other conditions. In general, being mentally capable is being able to comprehend, value, and fully understand the ramifications of making financial and legal decisions. However, depending on the rules of each province or territory, the legal meaning of mental capacity may change.
Types of Power of Attorney
General Power of Attorney
An official statement, known as a general power of attorney, can grant someone you choose control over all or a portion of your assets and finances. Only while you are mentally capable of handling your own affairs may this person manage your money and possessions on your behalf. If you lose the mental capacity to handle your own affairs, the general power of attorney ends.
A general power of attorney can be "specific" or "limited," which might grant your appointed person authorization for a particular job (such as selling a house) or for a set amount of time. The power of attorney may begin immediately after your signature or it may begin on the date you specify in the document.
Enduring or Continuing Power of Attorney
A legal document known as an enduring or continuing power of attorney enables your attorney to go on representing you in the event that you lose the capacity to handle your finances and property. Additionally, it may grant your attorney control over all or a portion of your assets and money. As soon as you execute an enduring or continuing power of attorney, it can go into effect. If this was indicated in the document, it is
sometimes feasible to have the power of attorney only take effect when you are rendered mentally incompetent.
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Power of Attorney