If there comes a time in life when you're no longer able to make decisions about your financial or personal affairs, who will make those decisions for you? If you haven't prepared and signed an enduring Power of Attorney, the courts could appoint someone for you. By choosing TD Private Client Group Estates and Trusts, you're in control of your future.
We'll help you identify the circumstances when a Power of Attorney should be used and determine the scope of the attorney's responsibilities and powers to be granted.
A Complete Estate Plan Includes Powers of Attorney
A Power of Attorney is a written document in which you legally designate someone you trust to act on your behalf.
Some Powers of Attorney deal with your financial affairs and assets. Others are concerned with your personal health and welfare including decisions on medical care, living arrangements and safety.
In all cases, the following conditions apply:
- you must be mentally competent to give or revoke a Power of Attorney,
- Powers of Attorney for Property become valid immediately (unless otherwise stated in the document),
- Powers of Attorney cease upon death at which time your Will comes into effect.
Without Powers of Attorney in place, your affairs could be administered by a Public Trustee (Public Curator in Quebec) — an agent of the government. While this person has certain legal obligations to manage your assets fairly, your family's views and needs might not be adequately taken into consideration. While a family member could apply to the court to be appointed guardian of your property, the cost would far exceed the cost of preparing a Power of Attorney.
It is always prudent to name alternates in case the person you've selected is unable to take on the responsibility. As an added level of protection, you may want to appoint co-attorneys to manage your finances and property. A family member or trusted friend can provide the details of your wishes and needs, while a professional, such as Private Client Group Estates and Trusts, can provide the knowledge and experience required to manage your financial affairs.
Like Wills, this area of the law falls under provincial jurisdiction. As the law varies from province to province you should consult your legal advisor regarding specific provisions that apply in your province.
Put our Team of Specialists to Work For You
Our Estates and Trusts team of professionals has the experience to advise you on your estate plan, including arranging for Powers of Attorney.
In addition, we can hold your Powers of Attorney in safekeeping along with your Will. In this role, we can help ensure either through conditions in the document itself or through a statement of conditions governing the release and use of the document, that its powers are only exercised in the case of your mental or physical incapacity, where appropriate.
TD Private Client Group Estates and Trusts Specialists would be happy to answer any questions you may have. If you would like to learn more about our services or arrange a meeting with one of our Specialists, please contact the Estates and Trusts branch nearest you by consulting our Estates and Trusts Branch Directory.
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