Picking someone to handle your finances under a power of attorney (POA) is a big deal. Unless you put limits in the document, they can do pretty much anything you could do—except make a will. That is a tremendous amount of control, so it is important to choose wisely. The person you pick could affect your income, assets, lifestyle, and even what is left for your beneficiaries when you are gone.
Being an attorney for property is not just a favour—it is a serious responsibility. It takes financial know-how, good judgment, and integrity. It is not just about choosing the person you like the most or who lives closest. Whoever takes on the role will have to deal with money matters, keep proper records, fill out forms, and possibly make investment decisions. They might also need to hire professionals like lawyers or accountants, manage bank accounts, and file taxes. Bottom line? Pick someone who is responsible, organized, and understands finances.
If you own assets in different places (like property in another province or country), you might need separate POAs for each location to make sure everything follows local laws.
Here are some key questions to ask yourself before making a decision:
Do you want more than one person handling things? If so, how will they work together?
Does this person live nearby, or will distance be a problem?
Will they be available when you actually need them?
Do they have the financial skills and organization to manage your assets properly?
Can they stay objective and not let emotions get in the way?
Choosing the right person for this role can save you and your loved ones a lot of headaches down the road. Take your time and think it through!
Disclaimer
The information in this post is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from our firm or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.