Understanding Power of Attorney: Meaning and Types

Managing your property and finances is one of the most essential responsibilities contributing to a person's long-term wisdom and wealth. Canadians often find it challenging to manage their wills and power of attorney. If you can relate to this situation, then you are in the right place!

You can develop a good understanding of this matter by reading this article! So, let’s get started:

Understanding the Term: Power of Attorney

What do you understand by the term power of attorney? Are you confident that your understanding is 100% accurate? If you have any doubts, read about this term in detail!

Power of attorney in Canada has a different meaning. It means a legal document that gives the right to a person, or multiple persons, to manage your property and finances on your behalf. The word attorney refers to the person you appoint to manage your finances and property. Further, the attorney should be mentally capable when signing the power of attorney document.

What are the types of Power of Attorney?

After knowing the meaning of power of attorney, you should know the different types of it. There are two main types of it:

General Power of Attorney: This type of attorney involves managing some or all of the finances and property on your behalf. However, you must be mentally capable for this document to remain valid. If this condition is not fulfilled, it leads to the invalidation of the legal document. Further, you can even appoint a power of attorney lawyer if you need professional guidance to deal with any matter of dispute.

In some cases, the general power of attorney can also become limited, which means your attorney can only have authority over specific tasks.

Continuing Power of Attorney: This type of attorney does not lapse when you become mentally incapable of managing your finances and property. Your attorney has the authority to manage your finances and property comprehensively.

After reading this article, one thing is for sure: that you have gained sufficient knowledge about the power of attorney! If you need any further professional advice, then read the next section.

About Owen Associates Law:

Owen Associates Law is a leading firm with will lawyer in Central Ontario. Here you can get the professional guidance of experienced lawyers who can handle your law-related matters professionally.

For more details, visit https://www.owendickey.com/

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