In this Advisors Edge article Darren Lund of Borden Ladner Gervais LLP explains the relevance of the Power of Attorney and the importance of getting it right…
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The Canadian tax system can help alleviate some of the financial burdens that come with caring for an elderly relative. (more…)
Article from Your Estate Matters, a Publication of Clark Wilson’s Wealth Preservation Group.
Powers of Attorney are a common incapacity planning tool. Many people make them at the same time they prepare their Will. Usually, the Power of Attorney is a short document, and seemingly straightforward. For that reason, some people do not put much thought into agreeing to be designated as another’s Attorney. However, there are a number of significant responsibilities that arise when the Power of Attorney is executed, particularly where the Power of Attorney is an enduring one (i.e. it will remain effective even after the the person granting the Power of Attorney (the “Grantor”) becomes incapable).
First, the Attorney must find out the scope and limits of his authority given through the Power of Attorney. While is it true that the Attorney can effect a number of transactions with the Power of Attorney, the Attorney must remember that he is only permitted to effect transactions that are authorized by the Grantor and by law. Many Powers of Attorney are general and allow the attorney to do anything that the Grantor could have legally done. However, some powers of attorney are limited to dealing with specific assets or accounts, or place other restrictions on the exercise of powers. If the Attorney uses the Power of Attorney to carry out transactions that are not authorized by the Grantor or at law, the Attorney may be liable to the Grantor (or to the Grantor’s estate after death) for any resulting losses. (more…)
Author: Suzana Popovic-Montag
By preparing a power of attorney for property, one appoints a substitute decision-maker to make decisions on one’s behalf once they become incapable. With the powers bestowed upon the attorney, however, come duties as well. In an age where people are living longer and longer, the appointment of an attorney is becoming more common. Unfortunately, not every attorney is aware of the duties he or she has in fulfilling this role. As a result, I thought I would take this opportunity to review some of the duties imposed upon an attorney for property.
Article from Your Estate Matters, a Publication of Clark Wilson’s Wealth Preservation Group.
Those of us practicing in Wills and Estates and all other professionals advising upon inheritance issues are very much aware of the many issues raised by clients afflicted with Alzheimer’s disease. We must be constantly aware of capacity issues when taking instructions and those of us who litigate estate issues often must carefully review medical records and secure expert reports for committeeship applications; undue influence or capacity challenges to wills and in fact in a host of other situations.
If you have Power of Attorney for an aging or ill parent, you know that you have very broad control of Mom or Dad’s money, health and welfare. You are using your personal discretion on how to manage their assets, attend to their health needs, accommodation, or other comforts. (more…)
Choosing a power of attorney to handle your health issues and finances in the chance that you become incapacitated is just as important as drafting a will for when you pass away. While powers of attorney are often considered part of an estate plan, accidents can happen at any time, whether you are young or old, and it is prudent to decide on a person you can trust to make decisions on your behalf. (more…)
A power of attorney is someone that you appoint to deal with your financial or healthcare decisions in the case of incapacity. This person has the ability to make legal decisions on your behalf. (more…)
There are a number of areas of practice where questions of capacity to instruct counsel arise and often perplex lawyers. (more…)
From May 7 to 13, the Canadian Mental Health Association is promoting Canada’s Mental Health Week. (more…)
