Power of Attorney is it only for old people?

Power of attorney is document that allows you to appoint someone that you trust, to make any Legal and Financial decisions for you, for when you are alive, but for some reason cannot make these decisions yourself.

First though that comes to mind when you think of Power of Attorney- This is for old people only! I strongly disagree. I think it is very important for everyone that owns property to have Power of Attorney in place. When you sell property or refinance, every owner that is registered on title has to sign required documents and sometimes it is not convenient. Maybe one of you works long hours or is out of town on the business trip. This is when Power of Attorney comes handy.

Power of Attorney is also important to have for your adult children if they study or work outside of Canada. Even if they do not own the Real estate yet, with a Power of Attorney document, you can insure their car and apply for funding from the government and sign their tax returns if needed.

Power of Attorney can be used while person is capable of making decisions, but for some reason it is not convenient for them. There are many uses of Power of Attorney. Think about it, the document of Power of Attorney is valid while you are alive, so you make the Power of Attorney document once and it is valid for a lifetime.