A POA for property, a crucial legal document in estate planning, becomes necessary when you are incapacitated due to a disability, accident, or illness.
In such a state, you may be unable to manage your financial matters or make decisions. A POA for property enables a trusted person to step in and ensure your financial and property-related matters continue without disruptions.
Another situation you may need to have a POAP could be when you plan to travel outside Ontario and you'll be absent for an extended period. A POAP allows your attorney to sign documents, manage investments, and handle any arising issues.
A POAP also helps you plan for a time you may experience cognitive decline or suffer from dementia or Alzheimer's. These conditions prevent you from making well-calculated decisions. A POA for property ensures your financial interest remains protected and managed properly.
Indeed, a POAP helps you enjoy peace of mind knowing your property is in the hands of a responsible and skillful person. It also enables you to avoid financial mismanagement, delayed decision-making, and unnecessary disruptions.