9. What are the types of Power of Attorney?
The two types are General Power of Attorney and Enduring Power of Attorney.
You might use a General Power of Attorney when you are capable and need limited short-term assistance with your finances. Perhaps you are going on vacation or you are in hospital or home-bound with an illness or injury, and you want to designate someone in Canada to handle your financial matters. Often, friends or family members are appointed as attorneys in General Power of Attorney. A notary or other professional also can be named as your attorney if you choose to and the person you choose agrees to it.
You can include an ending date in the Power of Attorney, and you can revoke the Power of Attorney by the way of a written notice. A General Power of Attorney is only in effect when you are mentally capable; it ends if you become incapable.
An Enduring Power of Attorney allows you to give authority to your designated attorney to make legal and financial decision on your behalf if you become mentally incapable. A lot of times, husband and wife will appoint each other as the attorney, and their child as an alternative attorney.
An Enduring Power of Attorney can be in effect when you are mentally capable (recommended) AND most important it continues to be in effect if you become mentally incapable.
