Caution: Legal Advice Required to Give Property Powers of Attorney

Alex is caring for his aunt who can no longer handle paying her own bills. Alex’s aunt, however, is nervous about signing any legal papers. She should consult with her own lawyer to review any documents. The aunt has options to consider before signing property powers of attorney documents.

In Ontario, there is no standard or set form for property powers of attorney. Banks and other financial institutions have their legal departments review powers of attorney documents to ensure they are valid.

Restrictions in Powers of Attorney

Restrictions can include things like prohibiting the sale of specific property. They can be limited to daily banking matters or naming someone as attorney for property to keep a watchful eye over someone needing support.

If you are ill, vulnerable or elderly, avoid possible abuses by having these documents prepared and reviewed by your own lawyer. Documents that contain no restrictions are effective once you sign and have them witnessed and delivered to your attorney.

Ask your attorney to consent before you name them. Always name a backup attorney in case your first choice of attorney declines or is unable to act. You don’t need to give a copy of your attorney documents to your attorney. Advise them where your documents are stored and how they can be accessed when needed.

Be realistic about possible attorney abuse, mismanagement and loss of your assets. You can help protect yourself by naming more than one attorney so they must work jointly.

If you are required to act as someone’s attorney, make sure you get proper legal advice regarding your duties and responsibilities. These rules include your compensation as set by your property attorney document or government regulation.

Attorneys must protect themselves from allegations of misconduct or mismanagement. But be careful; attorneys are often sued for not keeping records or for improperly handling a person’s finances.

If you suspect financial abuse by a power of attorney, seek legal advice. Call me.

Do you have other questions about powers of attorney? Contact me today. I can help.

How to Get Started

I offer you a confidential meeting to discuss your needs. Take advantage of this no-obligation meeting by Zoom or in-person in my Toronto west end office. Arrange your meeting today.

I am a Certified Specialist in Estates and Trusts Law. I can give you expert tips to end your worries.