Page 166 - A Canuck's Guide to Financial Literacy 2020

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Types of Power of Attorney

When it comes to dealing with your finances and property, there are two types of powers of
attorney: general and continuing. Through a general power of attorney, the donor is
mentally capable and is able to make decisions on their own in addition to POA. If the donor
passes away or becomes mentally incapable, then the general power of attorney is
cancelled. If you’re worried about the donor’s mental health in the future, it’s recommended
that you sign an enduring/continuing power of attorney in order to make decisions on behalf
of the donor in the future.

General Power of Attorney

▪ A general power of attorney is a legal document which gives another individual
authority to make financial and property decisions on your behalf while you’re
mentally capable.

Continuing or Enduring Power of Attorney

▪ If you become mentally incapable, an individual who has enduring or continuing
power of attorney may make decisions on your behalf related to financial and
property matters.

Power of Attorney for Personal Care
▪ If you become incapacitated, the donee has the authority to make decisions
about your personal care such as health, housing, meals, clothing, etc.

Revoking Power of Attorney

Revoking your power of attorney can happen at any time with a written notice, pending that
the donor is mentally capable. If the donor is mentally incompetent, then they will not be
able to revoke an continuing power of attorney. Revocation of power of attorney must be
noted and registered.