Ever needed to give someone power of attorney so they can make decisions for you when you can’t? Whether you’re heading out of the country for an extended time or just want your trusted family member to handle your affairs if you become incapacitated, granting power of attorney is a big deal. But did you know you need to get your power of attorney documents notarized to make them legit? Don’t worry, it’s easier than it sounds. In this article, you’ll learn everything you need to know about notarizing power of attorney documents with Ontario notaries so you can rest assured your affairs are in good hands. Let’s dive in and get you squared away with notarized power of attorney documents!
What Is A Power Of Attorney (POA) Document?
A power of attorney (POA) is a legal document that gives someone else the authority to act on your behalf. When you create a POA, you appoint an “attorney-in-fact” or “agent” to make decisions for you if you become incapacitated or unable to act for yourself.
There are a few types of POAs to be aware of:
General POA:
Gives your agent broad authority over your financial and legal matters. This is risky as it provides a lot of power, so only appoint someone you absolutely trust.
Limited or specific POA:
Gives your agent power over certain specified tasks, like selling a property or managing a bank account. This limits the scope of authority and is less risky.
Durable POA:
Remains in effect even if you become incapacitated. All POAs should be durable to avoid issues if you become unable to make your own decisions.
Springing POA:
Only takes effect if you become incapacitated. This ensures you maintain control of your affairs while capable, but requires clear guidelines on determining incapacity.
To create a POA, you’ll work with an estate planning lawyer to draft the document and
formally sign it in front of witnesses or a notary public. Be very careful in selecting your
agent, as they will have control over important life decisions. A POA allows you to put plans in place in case of unexpected events, but comes with risks if misused. Discuss your options with a legal professional to determine your best solution for your unique situation.