Power of Attorney

What is A power of attorney?

A Power of attorney has often abbreviated to POA. The POA is the legal document that authorizes an attorney to make critical decisions for a person when they cannot do so. This power can be given to a relative or friend, but they must be an acting lawyer or accountant to do an attorney’s duty. 
Some of the duties they are authorized to perform are:

  • Buying and selling of assets in your name
  • Signing cheques and other banking duties daily
  • Borrowing money on account of the person
  • Performing additional Power of attorney duties

You can limit the right your Power of attorney has over you as they can only function in your best interest. Note also that if you wish to have more than one attorney on your POA list, it is possible. But, it is advised to limit their control, so there won’t be conflicts of action.

Power of attorney duties
Power of attorney services

WHY SOMEONE NEEDS A POA?

There are so many reasons POAs are needed, and they often follow the two scenarios listed below;

Incapacity:
There might be situations where a person is incapable of making decisions, and the result might be negative; they will need an attorney to make the best decision. Some of these incapable circumstances are mental deficiencies due to health constraints, old age, coma, or any other unconscious state.

Unavailability:
All your financial matters will be handled by the attorney you choose in this area.
When a major decision needs to be made, and you are currently in a different country, and the decision-making cannot be extended, your attorney can act on your behalf. They will even append their signature on your behalf, if need be, to conclude the decision.

Power of Attorney is usually in two types: 

Power of Attorney for
Property/Financial Matters:
These POAs are chosen for documents signing for buying, selling or other property refinancing deals. The attorney you authorize will step in for you if you are unavailable or incapable of signing the documents.

Power of Attorney for
PERSONAL CARE:
When personal decisions need to be made, such as for your health or housing issues, this type of POA will step in to make the decision. If a decision needs to be made about where you will stay, the attorney in charge of your personal care will decide to hire a nurse to take care of such situations. Also, this type of attorney will give the authorization for severe medical conditions that will determine life and death.

At Luthra Law Corporation, you will be given the option of choosing separate attorneys for financial matters and personal care. But if you want the same person for both authorizations, we also have the option available. Anyone you choose is great as we have capable lawyers who can handle any professionally.

Power of attorney duties
POA

Affordable protection

The best time to sign a POA is when you are available and capable. Failure to do it when your health condition is still excellent will make the process expensive and also time-consuming. This is because the court will be forced to make the appointment, which is usually costly. Plus, you don’t want this back and forth to strain your loved ones; hence, getting a signed POA to an attorney is better made early.

FAQs

There is a major difference between a will and a POA. The POA is in effect when the person is alive but incapable or unavailable to make critical decisions on their health or finances. On the other hand, the will is only considered after the person’s demise.

In such situations, your family will need to petition the court to add a legal guardian that would decide on your behalf. Until the court gives the authority, your family cannot take steps to take care of you. 

As a resident of Ontario, your spouse doesn’t have the right of a power of attorney if you become incapable or unavailable. You must register your spouse’s name before they can act in that power. 

The only allowed person to override power of attorney is the person that signed over the authority, and the withdrawal of power will only be valid if the person is in a good mental state. But if the person cannot make such a decision, a third party can challenge a power of attorney. 

Depending on the document that needs to be authorized, the legal fees range from $100 to $300 for every document. To know more about the prices, contact Luthra law for more info. 

How can Luthra Law Professional Corp help?

Our aim at Luthra law is to consistently offer high-quality wills and power of attorney services, and we have been doing that since our inception. We operate in different places in Greater Toronto Area and are the best in offering cost-effective solutions to your needs. If you want our excellent legal services today, give us a call, and you will be glad you did.