Power of Attorney for Personal Care and Property in Ontario
When it comes to estate planning most people think of a will. And that’s certainly a big part of estate planning, after all a will ensures all of your possessions—including your home, car, bank accounts, investments, and personal possessions—get passed along to the people you want.
But there’s a lot more to estate planning than just a will. While over half of Canadians do not have a will, less than one-third of Canadians have a power of attorney (POA). And, as you’ll soon discover, having a POA is just as important as having a will and an indispensable part of estate planning.
Why Should Torontonians Have a Power of Attorney?
A POA is a legal document that allows someone you designate to act on your behalf to make financial and or healthcare decisions should you be unable to.
For example, if you go on a trip or are in the hospital, a POA will help take care of your daily affairs. They could have the authority to pay your rent or mortgage or renew your house or car insurance.
Since they are making decisions for you, the POA must be someone you trust and someone who understands your wishes. Anyone can be a POA—your children, a friend, a spouse, or a partner.
And regardless of your age or financial situation, it’s a good idea to have a POA in place. Why? If you don’t name a POA, your family, including your spouse or partner, cannot just step in to make financial or personal decisions for you. To do so, they might need to go to court; this can be stressful, expensive, and a lengthy process.
There are two types of POA:
Personal care
Property
So you may want to appoint two different POAs: one to look after your health needs and one to take care of your assets.
What Does a POA for Personal Care Do?
A POA for personal care in Toronto gives someone the authority to make personal care decisions on your behalf if you become incapable. The POA would step in if you are not able to make informed decisions or understand the consequences of making a decision.
A POA for personal care can make decisions about what you eat, what you wear, where you live, and how to keep you safe. They can also make decisions agreeing to or refusing healthcare treatments, moving into a care home or retirement home, and the kind of services you receive there. To be a POA for personal care in Toronto, the individual must be at least 16 years old.
What Is a POA for Property?
A POA for property can do anything related to property and finance that you would normally do. Everything except make a will in your name. To be a POA for property in Ontario, a person must be at least 18 years old.
Some of the financial decisions they can make include:
Paying bills
Collecting money owed to you
Managing your investments
Maintaining or selling your home or property
Sharp Asset Management – Helping You Reach Your Financial Goals
If you live in Toronto, Mississauga, or anywhere in the GTA and are thinking of putting a POA in place for your property and personal care, the trusted, certified wealth management and estate planning professionals at Sharp Asset Management can help.
Sharp Asset Management is an asset management firm that is 100% owner-operated. Our retirement planning professionals are not affiliated with any financial institution, securities firm, or mutual fund company, and our investment decisions are unbiased. We also do not earn any commissions or fees on investments we choose on behalf of our clients.
All of our investment counsellors are charter financial analysts, have the highest level of achievement, and have over 10 years of experience managing portfolios. To learn more about how Sharp Asset Management can help you with your retirement planning, contact us today.
