Power Of Attorney for Property
Authorize someone to deal with your property for you.
What is a power of attorney for property?
A power of attorney for property is a document that authorizes someone to deal with your property—your assets and finances—for you. The person you name is your “attorney.” You can name more than one attorney, and require that they act together (“jointly”) or you can have them act separately as well as together (“jointly and severally”). You can also name a “substitute” attorney, someone to replace, or substitute for, an attorney who cannot act or continue to act for you.
What is a general power of attorney; what is a limited power of attorney?
A “general” power of attorney authorizes your attorney to do anything that you have the ability to do except make your will or replace you in some fiduciary capacity (for instance, as a director of a company, a trustee of a trust, an executor of a will, or an attorney under someone else’s power of attorney).
A “limited” power of attorney, on the other hand, gives your attorney the power to act for some specific purpose, such as signing cheques for you on a specific bank account or selling real estate for you.
What is a “continuing power of attorney”?
A continuing power of attorney continues if you become incapable of managing your property. For it to be valid, it must say that it is a “continuing power of attorney” or it must say that it can be used during your incapacity. If it does not say one of those things, it ends when you become incapable.
Things to consider in making a Power of Attorney
- Who do you want to manage your finances?
- What instructions will you give them?
- Will the power be limited or general?
- Do you want more than one attorney, and if so, are they to act jointly or jointly and severally?
- Do you want to name a substitute attorney?
- Do you want the power of attorney to be effective when you sign the power of attorney, or do you want to delay its effect until you become incapable? If so who is to decide if you become incapable?