sell a house) or give them authority for a specific period of time. It ends if you become mentally incapable of managing your own affairs.Ī general power of attorney can be “specific” or “limited”, which can give authority to your attorney for a limited task (e.g.
It allows your attorney to manage your finances and property on your behalf only while you are mentally capable of managing your own affairs. Generally, there are two main types of powers of attorney commonly used for finances and property in Canada:Ī general power of attorney is a legal document that can give your attorney authority over all or some of your finances and property. The names and requirements for the different types of powers of attorney that deal with finances and property will vary depending on the province or territory where you live. What types of powers of attorney are used in Canada? However, the legal definition of mental capacity will vary based on the laws in each province or territory. In general, to be mentally capable means that you are able to understand and appreciate financial and legal decisions and understand the consequences of making these decisions. In most of Canada, the person you appoint is called an “attorney.” That person does not need to be a lawyer.Īmong other requirements, you must be mentally capable at the time you sign any type of power of attorney for it to be valid. Powers of attorney What is a power of attorney?Ī power of attorney is a legal document that you sign to give one person, or more than one person, the authority to manage your money and property on your behalf. Carefully consider all of your options before making any decisions. You should never feel pressured to sign a power of attorney or to open a joint bank account. It is important to know how a power of attorney or a joint bank account works before you use them. Two tools often used for managing financial affairs are powers of attorney and joint bank accounts.
It is a good idea to plan ahead for a time when you may need help managing your affairs.
They may worry about what will happen if they become unable to deal with their own finances. Many Canadians are concerned about how to manage their money, property, and finances as they age or as life changes take place.
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