A power of attorney is one of the most important documents you will sign!
Some of the qualities you should look for in an attorney for property are:
• Trustworthiness, common sense and good judgment.
• likely to get along with other family members
• willing to undertake such a responsibility and has the time to do so.
• lives nearby, and is familiar with your financial affairs.
• Don’t forget to nominate at least one other person as a substitute Attorney.
• You can appoint two or three individuals with one or more of the core qualities to share the responsibility jointly.
• Appointing a close family member together with the accountant, lawyer or financial advisor
• If one child is being preferred to the other include a term requiring the Attorney to deliver informal accounts.
• Appointing one child over the other may invite conflict
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• consider naming three Attorneys with a majority rule mechanism
SECOND MARRIAGES
• decide how to balance your interests with your current spouse and the interests of children from a prior marriage
• If any disharmony between the two families then appoint an independent and impartial third party such as an accountant, lawyer or corporate trustee.
• Even a family member could misuse the authority.
• Selecting a family member who makes prudent decisions cannot be overemphasized.
• Hold a family meeting to discuss the appointment and explain wishes while you are still capable
• do not appoint a child just so that they will not be offended.
• Appoint one child and obligate him to report to the other child(ren) fairly regularly.
This article is not intended to be relied upon as legal advice but only to give the reader an overview of the law in Ontario applicable to powers of attorney for property and personal care. You need to consult your legal representative to determine the best procedure in your particular circumstances.
