• Know the scope of authority your Attorney will have;  
• Understand what property you own and the approximate property value;
• Recognize that there is a possibility that your Attorney could misuse their authority;
• Know your Attorney must account for all the decisions they make about your property;
• Recognize that if you’re capable, you are free to cancel your Power of Attorney any time.
• Understand that unless your Attorney manages your property prudently, its value may decrease; and
• Recognize your obligations to anyone who depends on you financially.

What Powers Does My Attorney Have?

Your Attorney can perform a wide range of financial tasks and make decisions. Unless you place limitations on their authority, they’re authorized to do almost anything you can with your property and finances. 

Your Attorney has enormous power, so consider whether limiting their permissions is right for you. Here are some actions an Attorney is authorized to take with respect to your finances:

• Sign cheques

• Pay bills

• Manage your investments

• Buy or sell your property

• Do your banking

• Make purchases

That said, your Attorney does not become the owner of your money or property, and cannot perform certain actions legally. Your Attorney cannot:   

• Create a Will for you or change your current Will;

• Change your General POA document;   

• Change a beneficiary on your life insurance plan; or

• Give General POA to someone else.

Limiting Your Attorney’s Authority

Limiting your Attorney’s authority can help you protect your finances; see some examples of how you can do this:

• Limiting their permissions regarding banking transactions;

• Requiring your Attorney to consult with certain people, like family members or experts, before making specific decisions;

• Outlining the types of investments they can or cannot make; and

• Requesting that your Attorney prioritize certain individuals by making gifts or loans on your behalf.

Choosing an Attorney to Manage Your Finances

Giving someone Power of Attorney isn’t a decision to take lightly. You’re granting them significant power over your finances and property. Therefore, it’s critically important to only give Power of Attorney to someone you fully trust.   

This person can be a spouse, family member, or lifelong friend. If you’d like, you can also appoint a lawyer or trust company instead. Some people prefer an impartial party because it can eliminate conflict.

You’re not obligated to appoint an Attorney for your finances, it is entirely your choice to do so. If someone is pressuring you into choosing them as your Attorney, consider not appointing them and speaking with a trusted friend or family member. To learn more about choosing someone to act as your General Power of Attorney, check out our General POA guide. 

How to Draft a General Power of Attorney   

In Ontario, drafting a General Power of Attorney is easy with our free General POA template. Here are the details you must include in your General POA:

General POA Requirements

To be valid, your General Power of Attorney must meet the below criteria:

• Be called a General Power of Attorney or state that it doesn’t permit your Attorney to continue acting for you if you become mentally incapacitated;

• Have physical, hand-written signatures;

• Name one or more individuals to act as your Attorney for finances;

• Be signed and dated; and

• Be signed by two witnesses.

Details to Include in Your General POA

Include the following information in your General Power of Attorney:

• Granting party’s information: Full name, address, and contact details.

• Authorized party’s information: Full name, address, and contact details.

• Substitute Attorney’s information: Full name, address and contact details.

• Date of effectiveness: The date you’d like your Attorney(s) to step in.

• Authorization Scope: A description of the rights, authority, or powers granted to the Attorney.   

• Signatures: The granting party, witnesses, and the Attorney need to sign and date the POA.   

• Duration: A time frame during which the authorization is valid.

• Limitations: Any restrictions on the authorized party’s permissions.   

• Compensation: In Ontario, Attorneys are paid at a rate set out by the law unless you indicate otherwise.

• Witnessing: Have your General POA witnessed online in 7 minutes, saving you and your witnesses the commute.   

Decision-Making for Multiple Attorneys

If you have multiple Attorneys, they must automatically make decisions together. If you want them to be able to act independently, state in your POA that your Attorneys can act “jointly and severally”. 

Including this phrase enables your attorneys to make decisions without all Attorneys having to sign off. This can be helpful when urgent decisions must be made if one is away or sick, for example. 

Virtually Witness Your POA

Your General Power of Attorney needs to be signed by two witnesses. Your General POA can be witnessed entirely online in minutes, from the comfort of your home or office. 

Try our Virtual Witnessing Service today, and save the commute to a notary’s office. Complete the witnessing process faster than ever before and enjoy peace of mind.

Notarizing Your Power of Attorney in Ontario

While it’s not always mandatory, the Government of Ontario recommends having your General Power of Attorney notarized. A notarized POA helps move processes along faster, giving institutions confidence in its authenticity.   

Further, if an institution may require a notarized General POA if it is asked to recognize an Attorney’s authority. Notarization provides additional assurance of the POA’s validity and reduces the risk of fraud.

You can have your General Power of Attorney notarized at any of NotarPro’s in-person locations. Find a notary near you here.