POA For Property & How It Relates To Real Estate
Tuesday Feb 28th, 2023
What is a Power of Attorney (POA)?
It is a legal document that gives someone you trust the right to make financial or health care decisions for you. This trusted person does not need any special qualifications; they need to be someone you trust to have your best interests at heart. There are two kinds of POA’s; Personal Care and Property, we will be focusing on the Power of Attorney for Property.
A Power of Attorney for property can make decisions about your financial matters including: paying your bills, collecting money owed to you, maintaining or selling your house and managing your investments, among other things.
IMPORTANT: If you don’t have a POA for property in place your family members can not automatically step in should you become unable to make financial decisions yourself. They may have to go to court to be appointed your guardian of property.
Who can act as a Power of Attorney?
The attorney does not need to be a lawyer or a trust company, but it can be. You can choose a spouse, family member or long term friend. It needs to be someone you trust.
You want to make sure that whomever you choose understands how you want your financial affairs handled.
To appoint your Power of Attorney for property you must be mentally capable and at least 18 years old.
You can appoint a POA for Property yourself or use a lawyer. If your financial or business affairs are complicated you should talk to a lawyer.
The government of Ontario offers a free kit
If you have any questions about the information in your power of attorney, you should talk to a legal professional.