This is a very interesting question. Many will say that the Power of Attorney does not start until the person (who granted it) becomes incapacitated.
However, that’s not true. Let look at the explanation on the Government of Ontario website:
“Part 6:
DATE OF EFFECTIVENESS
This document will give your attorney authority as soon as it is signed and witnessed unless you specify otherwise in this form.
This does not prevent you, however, from looking after your own affairs while you are still capable of doing so.
In other words, your attorney will not necessarily begin to manage your financial affairs right away.
You and your appointed attorney may agree, for example, to leave this document in a safe place or with a trusted third person, such as your lawyer, accountant or other professional advisor.
You can give written directions to the third person about when the power of attorney may be released to the person you have appointed. You would continue to manage your own financial affairs in the meantime.”
Once you sign it, potentially, it can be used. So, put it in a safe spot with someone you trust.
You could also include a condition that calls upon “mental incapacity being a “prerequisite”. That means, a doctor would have to attest to this “fact”.
Be careful.
Brian Madigan LL.B., Broker