What is a Continuing Power of Attorney for Property? Posted onAugust 22, 2019July 10, 2023/ Devry Smith Frank LLP A Continuing Power of Attorney for Property is a legal document in which you can appoint a person or persons to act on your behalf (called an “Attorney”) with respect to your property and financial affairs. The document will allow them to make decisions for you if you become incapable of managing your financial affairs. *The term “Attorney” refers to the person or persons you have chosen to act on your behalf. He or she does not have to be a lawyer. WHO YOU CAN APPOINT AS YOUR ATTORNEY FOR PROPERTY You can choose anyone you want as your Attorney as long as he or she is eighteen (18) years of age or older. You can also choose multiple people to act. If you appoint more than one person, you can state that the Attorneys are to act “jointly” or “jointly and severally”. If the Attorneys are appointed “jointly”, this means that they will be required to act together at all times. If the Attorneys are appointed “jointly and severally”, this means that either of the Attorneys named can act independently. If you name the Attorneys “jointly”, the advantage is that there is always a second person “double checking”. A disadvantage of naming the Attorneys “jointly” is the lack of flexibility – say, for example, if one Attorney is temporarily unavailable because of vacation, the available Attorney will not be able to make any decisions without the second person. APPOINTING A TRUST COMPANY AS YOUR ATTORNEY FOR PROPERTY Some people prefer to appoint trust companies (many of the big banks offer trust services) because they are professional and impartial. WHAT HAPPENS IF THE PERSON YOU CHOSE IS DECEASED, IS INCAPABLE, OR DOES NOT WANT TO ACT AS YOUR ATTORNEY FOR PROPERTY? If two or more Attorneys act jointly under the Continuing Power of Attorney and one of them dies, becomes incapable of managing property, or resigns, the remaining Attorney or Attorneys are authorized to act, unless the power of Attorney provides otherwise. If only one primary Attorney was named, you can name a substitute Attorney, and the substitute can act. DATE OF EFFECTIVENESS OF THE POWER OF ATTORNEY FOR PROPERTY We generally recommend that the Power of Attorney give your Attorney legal authority as soon as the document is signed. However, you can specify otherwise in the document. For example, some people only want the document to be effective upon a specific date or specific event (such as the Attorney obtaining a letter from your family physician which states that you are mentally incapable and cannot manage your property). An advantage of giving your Attorney legal authority as soon as the document is signed is that your Attorney will not need to go through formal processes to prove to third parties, such as banks, that the Power of Attorney has come into effect. IS MY ATTORNEY ENTITLED TO COMPENSATION? Your Attorney is entitled to take payment at a rate set out by the law, unless you say otherwise in the Power of Attorney for Property. If you want to prohibit your Attorney from taking any payment or you want to set a specific amount yourself, you can do this by including specific instructions in the Power of Attorney for Property. FIVE FACTORS TO CONSIDER WHEN CHOOSING WHO YOU SHOULD APPOINT AS YOUR ATTORNEY FOR PROPERTY Choosing an Attorney for Property is an important decision as that person will have full access to your money and other property. Trustworthiness Is the person honest? Do you know the person well enough or long enough to trust them? Will this person act in your best interest? Does the person have personal issues such as financial or health concerns that may interfere with the management of your property? Reliability Can you rely on this person? Experience Does the person understand financial matters? Availability Does the person have the time to handle your financial matters? Is the person readily available and easy to contact? Does the person live nearby? Willingness Is the person willing to take on the responsibility? Does the person understand the duties and responsibilities involved in being your Attorney? For further information or to schedule a consultation regarding powers of attorney in Ontario please contact Vanessa Romanino of Devry Smith Frank LLP at 416-446-3348. “This article is intended to inform. Its content does not constitute legal advice and should not be relied upon by readers as such. If you require legal assistance, please see a lawyer. Each case is unique and a lawyer with good training and sound judgment can provide you with advice tailored to your specific situation and needs.” Related Posts Posted onNovember 27, 2020March 18, 2024/ Devry Smith Frank LLP What Should I do if I’m in a Car Accident? Ontario is governed by a “no-fault” scheme of insurance for things like covering the damages to your vehicle and providing you certain benefits (“accident benefits”) to pay for physical treatment, replace a portion of your missed income, and provide reimbursement for attendant care expenses. Other Canadian provinces have their own, similar versions of this. If [...] Read more Posted onAugust 10, 2020July 5, 2023/ David S. White and Lawrence Hansen Ontario Stone, Sand & Gravel Association Expresses Support For Aggregate Approval Process The Ontario Stone, Sand & Gravel Association (“OSSGA”) has recently written to the Honourable Doug Ford, premier of Ontario, to state that the Premier should not interfere in the licensing and approval process for pits and quarries in the Province [1]. OSSGA did so in response to alarming comments made by the premier about preventing, at [...] Read more Posted onJune 22, 2020September 29, 2020/ Marc Spivak What to Expect from your Personal Injury Case during COVID-19 This pandemic has affected every aspect of our daily lives in profound ways. However, our firm is still operating as usual albeit remotely, as legal services were deemed an essential service by the province. From a procedural standpoint, there have been a number of changes due to the closure of courts. Suspension of Limitation Periods [...] Read more Posted onApril 22, 2020September 30, 2020/ Robert P. Adourian Questions Your Landlord Should Not Ask You As a tenant you have rights including the right to privacy and the right to notice upon a landlord’s entry into your premise. As a renter, you should be aware that there are questions that a landlord simply cannot ask you, be it once you have occupied the property or in the stages of completing [...] Read more Posted onApril 20, 2020September 30, 2020/ Devry Smith Frank LLP How to Deal With Domestic Violence and Child Abuse During COVID-19 This blog is co-written by our former articling student, Janet Son. This pandemic has brought the surge of another life or death danger: women and children who are forced to self-isolate with their abusive partners. According to the Ontario Association of Interval and Transition Houses (OAITH), a network of 70 shelters across Ontario, they have [...] Read more