Chapter 1: Conversations about the future

Planning for the management of finances

My wife was diagnosed with stage 4; did I really care about her accounts? I could provide for us myself. But it was important to her that all her affairs were in order, so I went along with it – for her.

Another aspect to consider is how the person’s finances be managed while they are ill. The person who is ill may or may not want to continue managing their affairs and may want to designate another person (or people) to do this in case they become unable to do so. They may want to plan for this possibility by preparing a power of attorney (POA).

A power of attorney is a legal document a person signs to give another person (or more than one) the authority to manage their property and money on their behalf. In most of Canada, that person is called an “attorney,” but that person does not need to be a lawyer.

There are different types of powers of attorney: a general power of attorney, and an enduring or continuing power of attorney. Click the switch button below to see the difference.

Enduring or continuing power of attorneyGeneral power of attorney

An enduring or continuing power of attorney is a legal document that lets the designated attorney continue acting for the person who signed if the signing person becomes mentally incapable of managing their finances and property.

A general power of attorney is a legal document that can give the attorney authority over all or some of the finances and property of the person who signed.



Helpful resources