In Ontario, a Power of Attorney for Property is a legal document that assigns another person or persons the authority to make decisions about your money and property for you. The person(s) appointed is/are called an “attorney” and does not have to be a lawyer. A Power of Attorney for Property does not let your attorney make decisions about your personal care. This is done via a different Power of Attorney for Personal Care.
In Ontario there are two types of Power of Attorney for Property:
What if I don’t have anyone to name as my POA?
A few months ago at the conclusion of a speaking engagement a lady come up to me and said: “Kat I understand what you are suggesting that I do, and I know it is vital to have a POA but I don’t have anyone to ask to be my POA. What do I do in this case?”
In this scenario there are two options.
First if she is a high net worth client a bank or trust company would act as her POA and manage her financial affairs for her. There will be hefty fees associated with this.
Another alternative is that she could appoint me as her attorney and we would work together or separately to manage her financial affairs. When I suggested this option to her, the relief on her face was amazing. We met later and privately to discuss her needs and drafted the document and had it signed and witnessed appropriately. It is a wonderful working relationship to be able to assist this lady and know that she has total peace of mind that things are being looked after.
Would this be a relief to you? Let’s chat and see if there is a way we can work together.