Continuing Power of Attorney for Property Management
Your continuing power of attorney for property (CPOA) covers your financial affairs and allows your attorney to make decisions for you even if you become mentally incapable. Your attorney is the person or persons you have chosen to act on your behalf. You can have more than one attorney and even appoint substitute attorneys. When you create a Power of Attorney you are called the ‘grantor’.
The Substitute Decisions Act, 1990 addresses that the duties of a guardian shall be exercised and performed diligently, with honesty, integrity and good faith.
Requirement for your attorney: Your attorney must at least be 16 years old, mentally capable, available and willing to make decisions for you and not be stopped from acting as your attorney by a court order or a separation agreement. They must make decisions based on what is in your best interest.
You attorney must use reasonable care in acting, not obtain secret profits, account, not allow personal interests to conflict with those of the principal, cannot make, change or revoke your will or your designation of a beneficiary and cannot assign or delegate the authority to another person unless you have granted that power.
Your requirement for making a POA: You must be at least 18 years old and mentally capable, have an understanding of whether your attorney is truly concerned about how you live and are taken care of and that you may need this person to make decisions for you.
Your power of attorney ends when either you die, your attorney dies, becomes incapable or resigns or when a court appoints a guardian of the person for you, when you make a new Power of Attorney or when you cancel or revoke it while you are mentally capable. You can revoke your power of attorney by a revocation or a notice of revocation.
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