![]() ![]() 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.įIVE FACTORS TO CONSIDER WHEN CHOOSING WHO YOU SHOULD APPOINT AS YOUR ATTORNEY FOR PROPERTYĬhoosing an Attorney for Property is an important decision as that person will have full access to your money and other property.ĭo you know the person well enough or long enough to trust them? 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. 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).Īn 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. However, you can specify otherwise in the document. We generally recommend that the Power of Attorney give your Attorney legal authority as soon as the document is signed. If only one primary Attorney was named, you can name a substitute Attorney, and the substitute can act.ĭATE OF EFFECTIVENESS OF THE POWER OF 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. ![]() WHAT HAPPENS IF THE PERSON YOU CHOSE IS DECEASED, IS INCAPABLE, OR DOES NOT WANT TO ACT 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. 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.ĪPPOINTING A TRUST COMPANY AS YOUR ATTORNEY FOR PROPERTY If you name the Attorneys “jointly”, the advantage is that there is always a second person “double checking”. If the Attorneys are appointed “jointly and severally”, this means that either of the Attorneys named can act independently. If the Attorneys are appointed “jointly”, this means that they will be required to act together at all times. If you appoint more than one person, you can state that the Attorneys are to act “ jointly” or “ jointly and severally”. You can also choose multiple people to act. You can choose anyone you want as your Attorney as long as he or she is eighteen (18) years of age or older. WHO YOU CAN APPOINT AS YOUR ATTORNEY FOR PROPERTY *The term “Attorney” refers to the person or persons you have chosen to act on your behalf. The document will allow them to make decisions for you if you become incapable of managing your financial affairs. ![]() The checker found no problems in this document.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. Acrobat Accessibility Report Accessibility Report Filename: b4a3c8b5-382f-4ca7-b2cb-4407ec4710aa.pdf Report created by: Organization: ![]()
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