How do I make a Power of Attorney for Property?
Question & AnswerHow do I make a Power of Attorney for Property?
1. Learn when you can make a Power of Attorney
You can make a if you’re 18 years of age or older and .
Being to make a Power of Attorney for Property means that all of the following apply to you:
- You know what property you have and have a sense of what it’s worth. You don’t have to know the exact value of each thing you own. But, you should know what’s valuable and what’s not.
- You know if someone depends on you financially and what you need to do for them, for example, your children who are younger than 18.
- You understand that your property could lose value if your attorney does not do their job well.
- You know that as long as you’re mentally capable you can revoke or cancel your Power of Attorney.
Being mentally capable to make a Power of Attorney for Property also means that you understand that your attorney:
- Can do whatever you can do with your money and property. The only things they cannot do for you are:
- make a will, or
- make or change who’s your beneficiary on an insurance policy or a registered plan like a registered retirement savings plan (RRSP).
- Has to be able to explain what they do with your money and property. This means that your attorney must tell you how they’re managing your money and what they’re doing or have done with your property.
- Might act in ways that are not proper. For example, they might use your money or property for themselves.
You must make your Power of Attorney without anyone forcing you to.
Only you can make a Power of Attorney. A Power of Attorney that you sign after you become or that someone else signs for you, is not valid.
If you’re already incapable of managing your property
Being of managing your property does not always mean that you’re mentally incapable of making a Power of Attorney for Property.
For example, even if you don’t remember how much your rent is, you may still be mentally capable if you know that:
- you have to pay your rent every month, and
- you want one of your children to pay it out of your bank account.