Service Overview
Focused legal support for power of attorney for property
A Power of Attorney for Property is a legal document that gives another person authority to manage your financial affairs and property if you become unable to do so yourself. The person granting the authority is the grantor, and the person receiving it is the attorney, who does not need to be a lawyer.
This type of document may cover matters such as banking, investments, paying bills, dealing with real estate, and other financial decisions. It does not deal with personal care decisions, which are handled through a separate Power of Attorney for Personal Care.
Common types of powers of attorney for property
In Ontario, clients commonly ask about:
- General Power of Attorney for Property, which may be used for a limited period or specific purpose
- Continuing Power of Attorney for Property, which continues to operate even if the grantor later becomes mentally incapable
Why this document can be important
If a person becomes incapable of managing finances and does not have a valid power of attorney in place, a family member or another person may need to apply to court for guardianship of property. That process can take time, create extra cost, and may result in someone being appointed whom the person would not have chosen.
Important planning considerations
When preparing a Power of Attorney for Property, clients often need to think about:
- Who is trustworthy and capable of handling financial responsibilities
- Whether alternate attorneys should be named
- Whether the authority should be broad or limited
- How and when the document should be used
- How the document can later be revoked if needed
Our office helps clients put this type of authority in place carefully so the document matches their intentions and fits into a broader estate plan.