Not every Ontario family gets along. While some members get along and have each other’s best interests at heart, this may not be the case for others. Estate planning accounts for this by allowing you to retain control over who handles your property when capacity becomes an issue.
After spending a lifetime accumulating assets, there could come a time when you are no longer able to manage them. An illness or injury could incapacitate you. If that should happen, it would be best to have a plan in place for someone to step in and take care of your property.
Executing a power of attorney for your property allows you to retain control over who will handle your financial affairs if you become unable to make decisions on your own for some reason. You have the power to choose someone you trust instead of leaving this decision to the courts. You can also execute another power of attorney to allow this trusted person, or someone else, to make decisions regarding your living arrangements, daily activities and health care during your incapacitation. Without these documents, family members will need to spend time in court receiving these powers, and the person given them may not be someone you would have chosen.
Instead of leaving these decisions to chance, you can plan ahead for a time when your capacity to make decisions is compromised. Powers of attorney can also save your family precious time, money and effort they need in order to care for you during your time of need. As other Ontario residents can attest, having a plan in place can provide peace of mind for everyone.