Continuing Power of Attorney for Property
Can anyone give a Continuing Power of Attorney for Property?
You can give a valid Continuing Power of Attorney for Property if you are at least 18 years of age and mentally capable of doing so.
Mental capacity in this case means you must:
- know what property you have and its approximate value,
- be aware of your obligations to the people who depend on you financially,
- know what you are giving your attorney the authority to do,
- know that your attorney is required to account for the decisions they make about your property,
- know that, as long as you are mentally capable, you can revoke (cancel) this Power of Attorney,
- understand that if your attorney does not manage your property well its value may decrease, and
- understand that there is always a chance that your attorney could misuse their authority.
Note: Even if you are incapable of managing your property, you may be capable of giving a Continuing Power of Attorney. For example, you may not remember how much your monthly pension cheque is, but you may know that you get one and that you want your daughter to handle it.