There are usually two types of the Powers of Attorney: Power of Attorney for Property and Power of Attorney for Personal Care.
It is wise to prepare both of them, which is usually done together with preparation of a Will. Powers of Attorney are regulated by the Substitute Decisions Act of Ontario.
Power of Attorney grants authority to a named individual to substitute the Grantor in his or her decision making with respect to his or her property or health decisions. Such substitution only takes place when the Grantor is unable to manage his or her own affairs.
Powers of Attorney can be revoked at any time by the Grantor is the Grantor is still capable to manage his or her own affairs.
Active Attorneys for property cannot make or change a will of the Grantor, or change pension or insurance policy designations made by the Grantor earlier.
Appointing Attorneys for property and care is a serious step, which must be contemplated by the Grantor in advance of coming to a lawyer’s office.
