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If you're unable to make decisions for yourself, having granted a continuing power of attorney to someone you trust can simplify your financial affairs. Just as a will provides for management of an estate after death, a continuing power of attorney can provide for management of your affairs if you're incapacitated.

Types of attorney

There are two basic types of power of attorney.

  • Financial — a continuing power of attorney for property allows your attorney to manage your finances and property, including pension-related matters, if you become mentally incapable.
  • Personal care — an attorney for personal care makes medical and other decisions about your well-being and quality of life on your behalf if you aren't able to make them yourself.

Three things to consider

You don't have to designate a continuing power of attorney, but here are three reasons why you should:

  1. You're ensuring decisions made on your behalf are made by someone who you know and trust.
  2. It's a simple process and you can do it at any time. Wills and powers of attorney are often drawn up at the same time.
  3. You'll reduce red tape by having a validated continuing power of attorney on file with us. If you become mentally incapable and this is a condition specified in the document, all we'll need is a doctor's confirmation of incapacity to allow your designated attorney to take charge of your pension on your behalf.

Helpful resources

For more information regarding powers of attorney: