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A valid power of attorney is an important tool for ensuring that your financial well-being and health are protected in the event of your incapacity. There are two types of power of attorney that a grantor (i.e. the person giving someone else decision-making authority) can grant: a power of attorney for personal care and a power of attorney for property.
An immense amount of trust and confidence is placed on an attorney for property or an attorney for personal care. It is crucial to choose an individual that will not abuse their power and responsibility and who will act in your best interest in all circumstances. Properly planning for your care in advance can help avoid unpleasant and expensive litigation going forward, including estate disputes and power of attorney challenges.
The trusted and respected estate lawyers at Arbesman Hamilton LLP and its predecessor firms have been helping clients plan for their future since 1953. We have many years of experience ensuring that our clients plan for their proper care and for the responsible governance of their financial affairs. Our client-focused approach allows us to tailor our services to each client’s specific needs and circumstances.
A power of attorney can be used to transfer decision-making authority about your legal and financial affairs to another individual. This can be used for any number of reasons, including when you are travelling or out of town and may require someone to sign a contract for you, or if you are ill and require another person to take care of your banking for you. The person to whom you grant power of attorney can be anybody you wish, including a spouse, a close friend, a parent, or anyone else you trust.
A valid power of attorney can also allow you to decide, in advance, who will make decisions for you should you become unable to so do yourself. Attorneys, also known as substitute decision makers, are responsible for making financial decisions or decisions about the personal care of an individual who is no longer able to do so themselves.
Executing a power of attorney for personal care ensures that a family member or friend can make important decisions about your health in the event of your incapacity.
Similarly, a power of attorney for personal property allows you to name a trusted person to make decisions with regards to your property to ensure your financial and other needs are met. The person appointed as your attorney for personal property is your proxy and can make important decisions about your home, your possessions, and your finances. The scope of their authority is significant, and limited only by the fact that they cannot make a testamentary disposition on your behalf.
Contact Arbesman Hamilton LLP in Toronto to obtain effective legal guidance with all of your estate planning needs, including powers of attorney for personal property and powers of attorney for personal care. An experienced estate lawyer can help you to plan for all eventualities and protect yourself as well as your family and other loved ones. Contact us online or at 416-481-5604 to book a consultation today.
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