Don’t Wait: Protect Your Assets with the Right Legal Tools Today

Could this be you?

Everything in your life is going along smoothly. Then, suddenly, it happens; things change. It could be a catastrophic illness, accident or age-related injury.

Don’t assume your family, including your spouse or adult child, can automatically act as your substitute decision maker. Even in cases where you are a joint owner with your family, they cannot make decisions or sign papers for you. It is your decision and signature that is usually required.

Ontario guardianship laws apply when individuals are stricken with severe illness or injury and unable to make decisions or manage financial or medical affairs.

Court Appointed Guardianship

Guardianship can occur when you suffer a stroke or other debilitating sudden emergency. Even in emergencies, guardianship can be slow, costly and frustrating to family members. Courts can require a guardian to post security. Usually, bonds are needed to ensure your property is protected.

Government rules and procedures apply to appoint a guardian. That is, if you do not have a previously- signed, valid power of attorney for property. Formal court proceedings that are time-consuming and expensive are needed for guardianships. Prepare powers of attorney now. This can save thousands of dollars and months of delay and worry.

Lawyers must file paperwork and courts require medical assessments to appoint your guardians. Temporary guardians may need to be appointed to investigate or protect your property or home.

How can you avoid having a guardianship proceeding over your property? Simply preparing, in advance, powers of attorney for property. This can avoid legal guardianship proceedings under Ontario’s Substitute Decisions Act, 1992. Powers of attorney are legal documents and, if you own real estate, should be prepared by experienced lawyers.

You choose a substitute decision maker by signing a written legal document. This is a power of attorney for property. You authorize this person to act as your agent. The agent is called an attorney and does not have to be a lawyer. You can specify in your power of attorney document when this document becomes effective. You can specify, for example, that it is effective if you become mentally incapacitated.

You become the grantor of an enduring power of attorney for property and the attorney becomes your grantee with fiduciary obligations. Fiduciaries must keep records and act for your benefit only.

Name a Backup Attorney for Property

You should always name a backup attorney as an alternate. This is in case your first choice is unable or unwilling to serve in that capacity. Attorneys should have lawyers review the power of attorney document to confirm their legal obligations and when they should begin to act. They need to keep records and require legal advice to fulfil their duties.

Do you have questions about powers of attorney? Don’t wait. Contact me for a meeting to discuss your needs. I look forward to helping you.

As an Ontario Certified Specialist, estate law is all I do.