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CPP Investments | Investissements RPC
What are is power of attorney? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
A power of attorney is a legal document that empowers another person to act on your behalf, either temporarily (for example, while you’re seriously ill or out of the country for an extended period and unable to manage your finances) or permanently (for example, if you become unable to manage your money yourself due to illness or injury).
In most provinces, the people chosen to act on your behalf are known as “attorneys,” although they do not have to be lawyers. In most provinces, powers of attorney can be created to enable others to manage your finances and property, to make health and personal care decisions, or both.
Example: “When drafting a power of attorney for property, choose an attorney who is trustworthy and also knowledgeable enough to make wise financial decisions on your behalf.”
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