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Most joint bank accounts include automatic rights of survivorship, which means that after one account signer dies, the remaining signer (or signers) retain ownership of the money in the account. The surviving primary account owner can continue using the account, and the money in it, without any interruptions.
If you give another person a 'power of attorney', it simply means you give that person the power to act on your behalf (for example, to buy and sell things for you or operate your bank account). Giving a 'power of attorney' does not mean you lose control over your affairs.
Put simply, an Enduring Power of Attorney relates to financial and/or property decisions, while an Enduring Power of Guardianship relates to important personal, lifestyle and treatment decisions.
A power of attorney is no longer valid. A power of attorney is no longer valid after death. The only person permitted to act on behalf of an estate following a death is the personal representative or executor appointed by the court.
You cannot give an attorney the power to: act in a way or make a decision that you cannot normally do yourself for example, anything outside the law. consent to a deprivation of liberty being imposed on you, without a court order.
Generally speaking, there are three main types of POA: Ordinary power of attorney. Lasting power of attorney. Enduring power of attorney.
The legal fees of a power of attorney in Ontario are usually calculated based on the document you want to authorize to a lawyer. The price can range anywhere from $100 to $300 per document.
However, if there is no will, then the attorney can apply to become an administrator of the estate, if they are the next of kin such as a spouse, child or relative of the deceased (but not usually an unmarried partner).
A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the person's freedom to handle your assets and manage your care. A limited power of attorney restricts the agent's power to particular assets.
There are 3 different types of power of attorney: lasting power of attorney (LPA), enduring power of attorney (EPA) and ordinary power of attorney.