APPOINTING YOUR ATTORNEY (DONEE) UNDER A POA FOR PROPERTY
The Power of Attorney needs to clearly identify you with your full name in a similar way to your will. You want to make sure that the bank lawyer or real estate lawyer who looks at a copy of the P.O.A. will readily acknowledge that you are the person who made this P.O.A. Make sure your name on the P.O.A. is the same as your name on all your property documents. If it isn't then you will need a Names paragraph as in your Will.
If you intend to revoke a previous P.O.A. for Property then it is important to include the word "revoke" in the document and think about the effects of revoking any previous P.O.A. for Property. Bear in mind that you may have Powers of Attorney filed with your bank already that relate to specific bank accounts or investments and you may be revoking them by making this new P.O.A. Other people may be erroneously relying on your old P.O.A.
You need to appoint someone you trust. A Power of Attorney can easily be abused. The Donee (Attorney means the same) can use the document to go to your bank and clear out all your assets. That would be theft or fraud and likely constitute a disaster for you and your family. The possible Attorney needs to have some knowledge and ability with investments. You need to know their exact name and spell it out in full within the document.
You can have more than one Donee (Attorney). Two or three people can act together or individually as you specify. Sometimes choosing multiple Attorneys provides better protection against fraud if they are forced to act together. Consider specifying what happens if one of the them dies before you, should the surviving Attorney(s) continue to exercise the power?
Call a Lawyer Now to Book an Appointment 905-273-3322
If you intend to revoke a previous P.O.A. for Property then it is important to include the word "revoke" in the document and think about the effects of revoking any previous P.O.A. for Property. Bear in mind that you may have Powers of Attorney filed with your bank already that relate to specific bank accounts or investments and you may be revoking them by making this new P.O.A. Other people may be erroneously relying on your old P.O.A.
You need to appoint someone you trust. A Power of Attorney can easily be abused. The Donee (Attorney means the same) can use the document to go to your bank and clear out all your assets. That would be theft or fraud and likely constitute a disaster for you and your family. The possible Attorney needs to have some knowledge and ability with investments. You need to know their exact name and spell it out in full within the document.
You can have more than one Donee (Attorney). Two or three people can act together or individually as you specify. Sometimes choosing multiple Attorneys provides better protection against fraud if they are forced to act together. Consider specifying what happens if one of the them dies before you, should the surviving Attorney(s) continue to exercise the power?
Call a Lawyer Now to Book an Appointment 905-273-3322
