Power of Attorney for property and personal care in Ontario a good idea?

The Canadian judicial system allows the granting of Power of Attorney ' regarding property and personal care to another individual The General Power of Attorney for Property grants the individual designated as attorney the right to make decisions regarding finances taxes , investment , and other transactions related to the maintenance of that property . This right is given to another if the person granting the right (donor ) is mentally incapable of handling the actions associated with the property . A Continuing Power of Attorney for Property grants the same rights while the owner is still sane

and /or in the event that mental incapacity occurs . A Power of Attorney for Personal Care grants to a third part the right to make all decisions concerning personal care only in the event of mental incapacity (Best 2005 . Though several good reasons exist for authorising a Power of Attorney , there are some risks involved that should also be taken into account

The privileges granted by the Powers of Attorney for Property are substantial and should not be taken lightly . Because of the wide scope of the rights granted to a third party , it is necessary that one consider all aspects of the character of the person to on whom it is conferred . This person must be trusted to follow one 's guidelines and to act according to one 's instructions . One 's property is a valuable asset and must be protected and maintained in for it to retain its value . If a person is not mentally capable of performing the duties necessary for this , then having an attorney becomes an excellent asset for financial reasons , especially for the enrichment of one 's heirs should they differ from the attorney and be also incapable of carry out the duties of the property

If , conversely , a person loses the ability to make rational decisions regarding the property , and has not designated an attorney to act on his behalf , such jobs as paying taxes and mortgages might be neglected and the property might eventually become lost to that person and his or her family . Other types of property such as a business or investment portfolio require constant attention , and an incapable owner at the helm could seriously jeopardise the financial stability of that business Such a situation can occur to the detriment of not just any family members , but also to others who might have depended on the business for employment or other compensation . For this reason , a designated attorney would be beneficial

With regard to the Power of Attorney for Health and Personal Care , it is in most cases beneficial for a person to designate such a representative . In the event that one is incapable of making decisions regarding the care of one 's person , and in the absence of close friends relatives , or a representative , one 's personal care will be left in the hands of strangers who may or may not be desirous of doing the best to keep one alive . If an attorney has been...