Power of Attorney (POA)- WHAT, WHY AND WHEN.

Power of Attorney (POA)- WHAT, WHY AND WHEN.

In life, anything can happen at any moment and we need to be ready as much as possible. You can make certain arrangements to protect your family members from disaster. Do not put your family through the heartache of trying to figure out what you would have wanted, especially when you have the chance to tell them directly yourself. We will talk today about Powers of attorney. To clarify, the power of attorney is different than a will and testament. A will deals with your assets after death. A power of attorney speaks while you are still alive. It is not one or the other, you should have both.

What is a Power of Attorney (POA) and why do you need it?

A POA is a document which allows someone else to act and make decisions on your behalf in order to manage your legal and financial affairs.

There are 2 types of powers of attorney:

 Power of attorney for property – manage assets and finances.
 Power of attorney for personal care – healthcare decisions, if you are unable to do so, for example if you are mentally incapable or are unconscious.

Why do you need it and when to use it?

The right concept would be that Power of Attorney is not just a must-have for the elderly. As we all know, anything can happen in life. A car accident or just a slip and fall incident can lead to serious injuries. If an accident happens and you are considered incapable of making decisions, then someone else will have to step in.
A power of attorney can also be especially useful if you are going to be out of the country for a lengthy period of time. You might want someone, such as your spouse, to do your banking while you are gone.

What happened if I do not have the Power of Attorney document?

If you don’t have a power of attorney and you are considered incapable of making decisions for example, then the court will decide who the decision-maker will be.
Imagine the following scenario and this is a real-life story:
John is 45 and self-employed. He and his wife Andrea, live in Ontario. They have two minor children, Emma and Alex.
John went to the ski resort for the weekend with his friends. Due to the ski accident John was not able to manage his business on his own. If he had prepared and signed powers of attorney for property and personal care, he can take the time and recover from the accident and his wife Andrea can continue to manage the business, banking and the household.
As you can see from this case, not having powers of attorney in place can cause serious difficulties in life.
As you can see from this case, not having powers of attorney in place can cause serious difficulties in life.
Conclusion.
Powers of attorney are inexpensive to set up. The key is not to wait until it is too late. Our office can help you with this process. Book a consultation via emal info@vblegal.ca or call 905-370-0484.
Buzaker Law corporation

Buzaker Law corporation

About Buzaker Law Firm

Buzaker Law Firm strives to provide high-quality legal services with integrity, professionalism, and respect for our clients and the community. Our law firm focuses on ethics while solving and negotiating any situation with significant knowledge and skills gained through years of practicing law in Toronto, Ontario.

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