WILL & POWER OF ATTORNEY
Long a feature in American real estate transactions, title insurance has only recently gained popularity in Ontario residential real estate transactions. Title insurance is essentially an insurance policy issued by an insurance company to provide compensation in the event that there are defects in title on your home.
There are many details to complete. Our Checklist is a starting point that you may find helpful. Buying a house should be a positive experience. A well-planned move will enhance that positive experience.
What is a Will?
A will is a legal document by which you control the disposition of your property at your death.
Planning ahead is critical to avoid problems at a later date. For a valuable summary of the reasons why a person should prepare for the future, please visit the website of the Province of Ontario for more info.
What is a financial power of attorney?
A financial power of attorney is a document that you sign during your lifetime to allow someone to act on your behalf with respect to your financial affairs. It should be given to someone in whom you have confidence, usually a spouse or adult child. It allows the appointed person to act for you if you suddenly become incapacitated.
If the right language is used in the power of attorney, it is effective even if you should be admitted to a psychiatric hospital. Have a power of attorney prepared now. Do not wait until you become incapacitated and it is too late.
What is a personal care power of attorney?
This is a separate document to appoint someone to attend to “personal care” decisions, such as medical, shelter, hygiene, nutrition, hospitalization, surgery or other care needs, in the event that you are unable to do so.
This information is based on Ontario law and does not constitute legal advice. It is intended to inform and not to advise and does not create a solicitor/client relationship. The statements above are general in nature. The individual facts in a given case may alter their application or involve other laws not referred to here. Any amounts referred to are subject to change.