Almost everyone can benefit from powers of attorney, but few actually have this legal document set in place. A power of attorney allows for someone to act on your behalf and deal with any legal or financial matters that may occur if you are physically incapable of dealing with them yourself. Here are a few situations where powers of attorney are extremely beneficial.
- Marriage – If you’re married, you may think that your spouse can handle any financial matters on your behalf if you are unable to do so. However, this is only partially true. Paying bills or managing your bank account can still be done by your spouse if you are both on the accounts. However, if a piece of property, such as a home, is only owned by one spouse, the other will not be able to sell it unless a power of attorney is put in place.
- Poor Health – If your health is deteriorating or you have a family history of illnesses that make it difficult for the suffering person to handle their finances effectively, you may benefit from powers of attorney.
- Travel – If you are planning to travel and have an ongoing business concern, real estate transaction, or other dealings that require your signature, it is good to have someone who has full or limited power to sign on your behalf so you do not default on your legal obligations.
Not only can a power of attorney ensure that your finances are taken care of based on your wishes, but it will also give you peace of mind knowing that things will go according to your desires if you were ever unable to handle your finances on your own.
Need to enable power of attorney in Toronto ON? Contact us at Grinhaus Law Firm. We offer high-quality legal services, flat-rate pricing, and free consultations. Give us a call today!