(909) 451-7005Ontario Power of Attorney Lawyers
Are You Prepared for the Unknown?
It would be understandable to assume that estate planning only plans for your eventual death. However, there are tools you and your family can use that allow you to give guidance to your family should you become incapacitated. When you create a power of attorney (POA), you create a playbook that your family can use to make important decisions on your behalf when you are unable to communicate your wishes.
Creating a POA is an important part of estate planning because it lifts the burden from your family. They won’t be tasked with guessing what you would have wanted because you took the time and worked with a knowledgeable attorney to outline your wishes, as well as who can manage your financial affairs and make medical decisions on your behalf.
B.C. Miles Law Group will work with you and your family to create a power of attorney that ensures your financial affairs are covered and your best interests are protected. Do you have questions about POAs or other estate planning attorney services?
Call 909-451-7005 to schedule a free consultation.
What Is a Power of Attorney?
A POA is a legal document that grants a trusted individual the authority to act on your behalf. When you create a POA, you are the principal of the POA. The person you choose to make important decisions on your behalf is called your agent.
There are a few types of powers of attorney, each with its own use cases. Choosing the right POA and agent for different purposes is important. It allows you to tailor your estate planning in a way that ensures your best interests are always being honored.
What are the Types of Powers of Attorney?
POA’s cover a broad range of powers granted. You can create multiple POA’s, each with its own directive and agent. Understanding the different types of POA is important for planning your estate and covering your bases should you become incapacitated. B.C. Miles Law Group can help you choose the right POA for your specific circumstances.
General Power of Attorney
This type of POA gives your agent broad authority to handle your legal matters and financial affairs. It becomes invalid should you become incapacitated. This allows you to give decision-making powers to someone you trust while you are traveling, recovering from a medical procedure, or otherwise temporarily unable to manage your affairs.
Limited POA
A limited power of attorney allows you to authorize your agent to act on your behalf for very specific tasks and offers limited decision-making power. Your agent’s authority will be restricted to the activities outlined in the limited POA document.
Durable Power of Attorney
Unlike a general power of attorney, a durable power of attorney remains in effect even when you become incapacitated, allowing your agent to make important decisions on your behalf.
Springing POA
In a springing power of attorney, you choose your agent and outline their decision-making authority as well as when the document “springs” into effect, such as incapacitation. This allows you to maintain control over your private matters while knowing someone you trust will be able to make decisions for you when you are unable to.
Medical Power of Attorney
This legal document is also called your advance healthcare directive. In it, you can specify your healthcare preferences, giving your doctor and family members clarity on your medical wishes. You can also appoint a medical power of attorney who can make important medical decisions on your behalf when an issue not covered in your directive occurs.
Why Do You Need a Power of Attorney in Your Estate Plan?
When you become incapacitated without a power of attorney or an advance healthcare directive, you may have to have a court-appointed conservator who can make decisions for you. While this person has a fiduciary duty to act in your best interests, they will have a broad range of decision-making powers, including the ability to make healthcare decisions for you. You don’t want to let the court have the power to make that decision for you.
Your POA is able to ensure your bills are paid, your investments are managed, and your property is cared for, even when you are incapacitated. It allows you to give a trusted person the ability to make healthcare decisions for you that align with your wishes.
Our estate planning attorneys can help you draft an all-encompassing POA as part of your estate planning. Contact B.C. Miles Law Group to schedule a free consultation.
Why Do You Need an Attorney?
Giving someone else complete control over your financial transactions, legal choices, and healthcare decisions sounds like a scary prospect. Working with an experienced attorney will allow you to rest assured, knowing you have covered your bases and your chosen agent is prepared for the responsibilities they will have.
What works for one person may not work for you. That is why you need a custom-tailored estate plan that includes a comprehensive POA document. Granting authority and limiting decision-making powers that match your specific circumstances is vital.
By working with a power of attorney lawyer who understands you and your family, you can feel confident knowing that when circumstances change, your lawyer will be ready to update your plan to reflect those changes.
What are Common Mistakes Made When Creating a POA?
Making a mistake when creating this legal document can spell disaster for you and your family members. Here are the most common blunders made when creating a power of attorney.
Choosing the Wrong Agent
The person you choose to make important decisions for you should be trustworthy and qualified for the job. Choosing the wrong person could be disastrous and could lead to litigation if your family feels like the agent isn’t honoring your wishes.
Not Making a Durable Power of Attorney
If your estate plan doesn’t include a durable power of attorney, you risk leaving yourself unprotected should you suddenly become incapacitated.
Failing to Clearly Define Authority
Your legal document should be descriptive and comprehensive, properly specifying the authority given to your agent. Failing to clearly specify the powers your agent or agents have can lead to disputes, confusion, and abuse of power.
Improper Signing
Drafting a comprehensive document is not enough. It must be acknowledged by a notary public and or signed by at least two witnesses. You must have the mental capacity to understand the document you are signing.
Failing to Update Your POA
Drafting your power of attorney shouldn’t be the end of managing the POA. Should life circumstances change and you fail to update your POA, complications may arise later.
How Can B.C. Miles Law Group Help You?
The complicated process of creating a comprehensive estate plan that includes a POA can be legally complex, and one misstep can cause lasting issues.
B.C. Miles Law Group has the experience you need to ensure your POA is legally sound, your agent is trustworthy and up to the task, and their authority is broadly outlined.
Contact our Ontario lawyers by calling 909-451-7005 and asking for your free consultation.