Family Lawyers Advising on Power of Attorney
A valid, up to date power of attorney is an important estate planning tool that can ensure that your finances and your health are protected should you become incapable of making important decisions about these matters.
Most people believe that if something happens to them and they are unable to make decisions, their family will be able to do so on their behalf. However, this is not always true in all circumstances. For some major decisions a legal authority will be required in order for a family member (or other individual) to be able to do so. This legal authority can be provided through a power of attorney.
At Gelman & Associates, our knowledgeable team can advise on appointing a power of attorney. We will explain your options and help you plan for what lies ahead. With our help you can protect yourself, your family, and your loved ones from risk, liability, and potential future legal disputes. We have many years of experience advising clients on how best to ensure ongoing care and responsible financial management.
What is a Power of Attorney?
A power of attorney involves granting decision making authority over your personal affairs to another individual. This authority is generally granted when the grantor (i.e. the person giving the decision-making responsibility over their affairs to the attorney) still has the requisite legal capacity to make their own decisions.
Once the decision-making authority is granted, the attorney (also known as the substitute decision-maker) is responsible for managing the personal care or the financial affairs of the grantor when the grantor is no longer able to do so themselves.
There are two types of power of attorney: power of attorney for personal property and power of attorney for personal care.
Power of Attorney for Personal Property
A power of attorney for personal property allows you to appoint a trusted person (a family member, friend, loved one, etc.) to make decisions about your home, your possessions, major assets, and your finances in the event that you are unable to.
Power of Attorney for Personal Care
A power of attorney for personal care allows you to appoint a trusted individual to make important decisions about your health in the event of your incapacity.
Factors to Consider
You can grant a power of attorney to anyone you wish, including your spouse, a parent, a child, another family member, a close friend, or even a lawyer or an accountant.
No matter who you appoint as your power of attorney, it is critical that the person you choose will act in your best interests in all circumstances and not abuse the significant power and responsibility that comes with being an attorney for personal property or an attorney for personal care.
Carefully planning for your well-being in advance can help avoid unpleasant, lengthy, and expensive litigation going forward.
Experienced Lawyers Advising Clients on Power of Attorney Matters in Aurora, Barrie, Downtown Toronto, Mississauga, North York and Scarborough for Advice on Succession Planning
Contact Gelman & Associates for strategic and proactive legal guidance with all of your estate planning needs, including powers of attorney for personal property, powers of attorney for personal care, and wills. Protect yourself and your family, call us at (416) 736-0200 or 1-844-736-0200 or contact us online We have offices conveniently located across Ontario and our phone lines are open Monday to Friday from 8 AM to 8 PM.