Will and estate lawyers in Windsor are here to help you plan for the well-being of your heirs and the distribution of your assets. At Maggio Walk-In Law Firm, not only can we help you make an estate plan to use in the event of your passing, we can also help you draw up a power of attorney document to be used in the event that you become incapacitated. Since these are legal documents that create a contract between two or more people, it is very important that these be completed by an experienced lawyer.
What is a Power of Attorney?
As we age, we often become concerned about who will handle our finances when we no longer can. A power of attorney is a legal document that must be signed by you in order to give another person the authority to manage your money or property. In most provinces, the person you choose is referred to as an “attorney,” although they do not need to be a lawyer for you to appoint them. In order for the power of attorney to be valid, you must be mentally capable at the time you sign, meaning that you are able to understand financial and legal decisions and their consequences.
Benefits of a Power of Attorney
A power of attorney comes with a lot of benefits for you. First of all, the document makes it very clear who will be responsible for your money or property if you can’t manage them yourself, even if it is only needed temporarily. The document can be as general or specific as you want, meaning there is a lot of room to customize this agreement to your exact needs.
A power of attorney can be a very important piece of your financial future. If you were to lose your mental capacity and not have a valid power of attorney document in place, someone would have to gain authority from the court to manage your money and property. This process cannot only be very time consuming, but also very costly.
If you would like to learn more about the process of creating a power of attorney, please feel free to stop by Maggio Walk-In Law Firm. One of our will and estate lawyers in Windsor can help you. No appointment is required.