The term Springing Power of Attorney is also mixed up with a Durable Power of Attorney. This is called a “ Springing Power of Attorney“. General Powers of Attorney can be further classified into one that comes into effect immediately, and one that comes into effect only when a future event occurs (usually, if you are incapacitated). This kind of document isn’t generally regarded as a part of an estate planning portfolio.

For example, if I was living overseas and needed somebody to sell my car for me back in Canada, I could create a specific Power of Attorney that would give my representative the powers to do this, but limiting the powers to this one transaction. The General Power of Attorney is set up to allow a named person to handle all of your financial affairs.Ī Specific Power of Attorney is set up to handle a particular transaction.

There are two broad classifications of Financial Power of Attorney a General PoA and a Specific PoA. Most people when they talk about a Power of Attorney are not meaning a Healthcare document.Ī Financial Power of Attorney is typically the document that people mean when they ask for a PoA. In this document, you name a person to make medical decisions on your behalf. The first classification is the Power of Attorney that directs your medical needs a Healthcare Power of Attorney. credit: 123rf What types of Power of Attorney are there? Together, these three documents make up a complete Estate Plan in Canada. It usually combines the naming of a Healthcare Proxy with an expression of the type of treatment you wish to receive through an Advance Directive. This document should not be confused with either a Last Will and Testament (or simply a “Will”) or a Living Will.Ī Last Will and Testament makes key appointments and describes the distribution of your estate after you have died.Ī Living Will is a document that is also in effect while you are alive, but deals only with your health condition and medical treatment. A Financial Power of Attorney appoints somebody to take care of your financial affairs while you are alive, but usually after you have lost capacity.

New york power of attorney for finances