Wills, Estates, Trusts Law
Power of Attorney
What is a power of attorney?
A power of attorney is a legal document whereby you give a trusted person or persons (the attorney or attorneys) the authority to manage your affairs if you are not able to look after matters on your own. Since an attorney is an agent of you, the power of attorneys is only valid while you are still alive. Thus, you will also need a Will for estate planning.
If something happens to you and you do not have power of attorneys in place, other arrangements will be made for you in a way that you have no control over. By appointing a power of attorney, you are ensuring that if anything ever does happen to you in the future, those you love and trust have the legal authority to look after you in ways that you would approve of otherwise.
There are 2 types of power of attorney:
1. Continuing Power of Attorney for Property
This type of power of attorney deals with financial matters and allows another person to manage your finances, including your property and bank accounts. Your attorney for property will be given a wide range of powers to deal with all aspects of your financial affairs, including but not limited to dealing with investments and banking, making tax returns, claiming and dealing with benefits, settling any liabilities, etc…
A continuing power of attorney could be effective immediately or upon a triggering event (such as a medical diagnosis of mental incapacitation in handling property) at your choice.
2. Power of Attorney for Personal Care
This second type of power of attorney allows the attorney to make decisions for you concerning your diet, clothing, health care, medical procedures, drugs, safety, residence, when you are mentally unable to do so yourself.
A power of attorney for personal care is usually invoked upon a triggering event (such as a medical diagnosis of mental incapacitation in handling personal care).
HTW Law can help. Call us now at 647-849-6582 or send us a message if you have some legal questions / inquiries or want to schedule an appointment with HTW Law.