Going South for the winter? Escaping the cold Canadian Winter? Have all your legal documents in place.
Everyone knows they need a will for when they pass away. And medical insurance is a great idea, especially for the older generations. Less people know that they should also have a Power Of Attorney document.
What is a power of attorney?
A power of attorney is a legal document that your local notary office can help you create. This signed document allows you to give one or more people the authority to manage your money and assets on your behalf.
The importance of assigning a power of attorney is to ensure that a trusted person is available to help make finance decisions should you become unable to. This person does not own any of your assets, he or she simply has the authority to manage them on your behalf.
Note that a Power Of Attorney document is not just for the elderly. Accidents happen. If you have any assets of any kind, you need a legal document to that allows someone to help you deal with unforeseen circumstances.
Power of Attorney for Snowbirds
If you spend any amount of time in warmer climates, it becomes even more important to ensure your financial affairs are taken care of in your absence, or should the need arrive if you become incapable of doing so yourself. You can choose to have it valid for a period of time (while you are away) and then it is automatically void. Alternatively, you can choose to leave a permanent POA to someone and never have to worry about it again.
A Power of Attorney will be handy to deal with any legal or financial matter you may have while away, like: insurance renew; pay bills; deposit/withdraw money from your accounts; deal with mortgages, etc.
It is important to ensure that the power of attorney that you have assigned is valid should you be out of Canada for an extended period of time, or should you own foreign property, as different jurisdictions have different rules with regard to what is legally recognized. There are rules and conditions. Make sure you talk to Zancope Notary and make sure you have a power of attorney that is correct for you.
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