Understanding the Importance of a Power of Attorney
…And How to Prepare a Power of Attorney Online
Having a Power of Attorney document is essential for a situation in which you may be incapacitated (i.e. after a common car accident) and require someone else to handle your financial (and business) affairs. A Power of Attorney allows someone you trust the authority to make financial decisions on your behalf if and when you are unable to do so.
A Power of Attorney is different from a Last Will: a Power of Attorney comes into effect while you are alive. The person making the document is known as the “Donor,” while the person appointed to make the decisions on your behalf is known as your “Attorney.”
Establishing your Power of Attorney is a critical part of the estate planning process. Without one, your family and loved ones may be required to go through a complicated and costly court process to be permitted to deal with any of your financial affairs.
Before You Start The Process of Establishing Your Power of Attorney
You should have some of your personal information at the ready, including your legal name and current address. You should also know at this point who you would like as your “Attorney” and who you would want as a backup choice.
Who You Want to Appoint as Your Power of Attorney
The person you choose must be prepared to act in your best interest and keep records of all of the duties they have performed on your behalf. Keep in mind that your Attorney can resign by written notification.
When you have decided who you would like to act on your behalf, you will need to identify that person in your Power of Attorney through written recognition.Their name and relationship to you will be noted in your Power of Attorney.
FormalWill.ca’s proprietary technology produces a Power of Attorney that gives broad powers to cover a range of financial and business matters, manage real estate, maintain insurance and act upon many other financial matters on your behalf.
FormalWill.ca is a leader in online estate planning. Our system has been developed in close consultation with Canadian lawyers to ensure the utmost accuracy. We have established a user-friendly online service which creates your legal documents instantly and is designed to save you money and time.
Are you ready to start your power of attorney document right now? Click here to learn more.