Your Roadmap to Peace of Mind: Part 2 – Your Power of Attorney for Property

Protecting Your Finances When You Can’t Do It Yourself

Estate planning isn’t just about what happens after you’re gone — it’s also about protecting yourself and your finances while you’re here.

In Part 1 of our Roadmap to Peace of Mind series, we explored your Will and how it allows you to express your wishes clearly. Now, in Part 2, we’ll look at another essential document that works hand-in-hand with your Will: your Power of Attorney for Property.

What Is a Power of Attorney for Property?

A Power of Attorney for Property (POA) is a legal document that gives someone you trust (your attorney) the authority to manage your financial affairs if you become unable to do so yourself.

Think of it as a financial safety net. If you were to experience a sudden illness, accident, or cognitive decline, the person you’ve chosen could step in to help by:

• Paying bills and managing your bank accounts

• Handling investments and tax filings

• Managing or selling property if needed

Having this document in place ensures that your finances are looked after without delay or costly court processes.

The Two Types of Power of Attorney for Property in Ontario

Understanding the distinction between the two types of POA for Property is essential:

Continuing Power of Attorney for Property

This is the version most people include in their estate plan. It continues to be valid even if you become mentally incapable. It allows your chosen attorney to act on your behalf when you can no longer make your own financial decisions — providing ongoing protection and peace of mind.

General Power of Attorney for Property

This version only applies while you are still mentally capable. It’s useful for short-term situations — for example, if you’re out of the country and want someone to manage your finances temporarily. However, if you become mentally incapable, a general POA immediately ends.

A Continuing Power of Attorney is typically the right choice for long-term protection, but always confirm with a lawyer that your document meets Ontario’s legal requirements.

Choosing the Right Attorney

This decision is one of the most important parts of your plan. The person you appoint will have significant authority, so they should be:

• Someone you trust completely

• Financially responsible and organized

• Comfortable making important decisions under pressure

It’s a good idea to talk openly with this person about your values, your expectations, and how you want your finances handled.

How Your POA Fits Into the Bigger Picture

Your Power of Attorney for Property works alongside your Will and your Power of Attorney for Personal Care to create a complete protection plan.

• Your Will manages what happens after you’re gone.

• Your Power of Attorney for Property protects your finances while you’re living.

• Your Power of Attorney for Personal Care (coming next in Part 3) protects your health and well-being decisions.

  
  

Together, these three documents create a thoughtful plan that reduces stress, avoids court involvement, and provides true peace of mind for you and your loved ones.

Ready to Take the Next Step?

Having a Power of Attorney for Property in place is an act of care for both yourself and your family. If you’re not sure which documents you need or how they fit into your broader estate plan, we’re here to help.

Book a free consultation to discuss your estate planning goals and get clarity on your next steps.

Schedule a Free Consultation

Or, download your complimentary guide, A Brighter Tomorrow: A Practical Guide to Estate Planning, to learn more about the essential documents that protect your future.

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Up Next

In Part 3 of this series, we’ll explore your Power of Attorney for Personal Care — the document that ensures your medical and personal wishes are respected when you can’t make those decisions yourself.