What is a Power of Attorney for Property?
An attorney for property is an individual who you appoint to handle any financial or property decisions, which are specified in this legal document. The document commonly known as a Powers of Attorney for Property ensures that the individual who you choose to be the guardian appointed to handle your finances has the right to make decisions regarding them. It ensures that this individual will not need to go through a costly court process to attempt to prove that he or she is in a position to handle your finances.
If you designate a Power of Attorney for Property, they will be authorized to do almost anything that you can do with regard to your finances, except make a will. However, these individuals only have this authority over your finances when you are still living. In the event that you pass away, executors will take over.
By law, the attorney you appoint is required to act within specific boundaries. The attorney is required to, avoid any conflicts of interest, keep all financial records, and to have his/her work audited by the court if found necessary.
You are able to outline within the Power of Attorney for Property whether or not you will be paying your attorney in accordance to the rates set out by the government regulations.
In the event that your Power of Attorney documentation is found to be out of date, lost, or does not comply with the new legal standards, then the documentation may be set aside and found invalid legally.
You should only name someone in your Power of Attorney that you know will accept the responsibility of being your agent. Consequently, it makes sense to obtain their consent when naming them. You should also outline a backup attorney just in case there are any problems with the initial attorney named.
As a legal document, a Power of Attorney for Property can be interpreted by a judge and executed according to this interpretation. Therefore, it is of the utmost importance that precise and correct wording is used.
Contact Krol & Krol at 905.707.3370 for more information on the services we provide in the area of Wills & Estates.
