Toronto Financial Incapacity Planning Lawyers

A continuing power of attorney for property can give you the ability to appoint a person to make decisions on your behalf regarding your property.

At O'Sullivan Estate Lawyers LLP, we provide clients with cost-effective financial incapacity planning services from our office in Toronto, Ontario. We can help you understand your incapacity planning options and develop a strategy to protect your wealth and manage your assets in accordance with your wishes in the event that you become incapacitated.

Financial Incapacity Planning Solutions in Ontario — Continuing Power of Attorney for Property

We can work with you to create a continuing power of attorney for property (also called a "durable" or "enduring" or "lasting" power of attorney in some jurisdictions) that meets your specific needs and continues to be effective if you become incapable. For instance in Ontario:

  • Any person over the age of 18 can serve as your attorney, including your spouse or a close loved one.
  • Your power of attorney can be general or limited in scope. You can choose to give the attorney broad authority over your property and finances, or you can limit his or her decision-making power over a specific asset, such as real property. In some cases, different persons are appointed under more than one power of attorney, for example, one to deal with business assets and another to deal with personal property.
  • You can have multiple powers of attorney that each serve different purposes and give powers to different individuals.
  • A continuing power of attorney can be revoked by you at any time, provided that you are capable of doing so.
  • An escrow arrangement can be used to hold a power of attorney in safekeeping until it is needed to avoid possible misuse.

We can also assist you in incapacity planning for assets in other jurisdictions, including the use of multiple separate situs powers of attorney, which are an important part of a comprehensive estate plan.

Our Toronto estate planning and financial incapacity planning lawyers also provide alternatives to powers of attorney to assist clients with their estate planning, including the use of trusts, living wills and other vehicles.

For more information about our firm and estate planning law, contact us today.