Health is our most valuable asset, and it can be lost unexpectedly. Thankfully, there are legal steps you can take to protect yourself and your loved ones.
What is a Continuing Power of Attorney for Property, and do you need one?
A Power of Attorney for Property is a legal document that allows an individual (the "grantor") to appoint someone (the "attorney") to manage their financial and property matters if they are no longer able to make decisions themselves.
Under common law, a standard Power of Attorney for Property ends when the grantor becomes mentally incapacitated. However, Ontario's Substitute Decisions Act, 1992 (S.O. 1992, c.30) allows for the creation of a Continuing Power of Attorney for Property, which remains effective even if the grantor loses the capacity to make decisions in the future.
Creating a Continuing Power of Attorney for Property while you are still mentally capable ensures that your financial affairs can be managed smoothly by a trusted person in case you become unable to do so. Without this document in place, if you lose the ability to make decisions, your family will need to obtain court approval to manage your assets—a process that can be both expensive and time-consuming.
Many people delay creating these documents, assuming that incapacity is a distant concern. But since the future is uncertain, it’s wise to plan ahead. Setting up your estate documents in advance is far more affordable and efficient than going through court later.
Protect your health, and take proactive legal steps to safeguard your future.
Call to us at 289-848-0096 or email to info@annagurevich.com to schedule an appointment
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