Power of Attorney (POA)

Power of Attorney (POA)

In the event that something were to happen to you, do you have someone else named as your power of attorney, to step in and make decisions on your behalf? A power of attorney is an official legal document that empowers another individual to make decisions on your behalf. The team at Diamond and Diamond have years of experienced and will act in your best interest to make sure you’re protected.

Protect Yourself with a Power of Attorney

Many individuals believe that their family members will be able to step in if an accident occurs and the individual is no longer able to make decisions for themselves. This is not always true, according to the law. You can, however, name somebody to make these decisions for you, such as taking care of your financial affairs by using a continuing power of attorney for property. For health care decisions and personal care concerns such as what you eat, where you live, and the medical care you will receive if you are injured, you can name a power of attorney for personal care.

A power of attorney can be broad to allow complete control over your property and finances, but it can also be limited to a specific type of task. There are two primary types of power of attorney available in Canada: an enduring power of attorney and an immediate power of attorney. A special power of attorney enables an individual to manage your property and finances only for a certain transaction, such as while you are out of the country or to manage a particular purchase.

An immediate general power of attorney, however, enables an individual to maintain management of your property and finances only while you are mentally capable – it initiates right away. An enduring power of attorney, however, comes in to effect after a specific situation. A continuing or enduring power of attorney comes into effect once an individual is mentally incapable. A springing power of attorney happens only once a person becomes mentally incapable as well. Consulting with an experienced estate planning lawyer can assist you with putting together the power of attorney you need.

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