Financial Incapacity Planning
Advance Incapacity and Financial Planning
Understanding the Basics of A Power of Attorney
We can work with you to create a continuing power of attorney for property (also called a durable, 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 or attorneys broad authority over your property and finances, or you can limit their decision-making power to 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.
- You can revoke a continuing power of attorney at any time, provided that you are mentally capable to do so.
- An escrow arrangement can be used to hold a power of attorney in safekeeping until it is needed to avoid possible misuse.
Incapacity Planning in Other Jurisdictions
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.
Contact Our Firm for a Consultation
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.