Your SlideShare is downloading. ×
  • Like
Power of Attorney
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Now you can save presentations on your phone or tablet

Available for both IPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Power of Attorney

  • 444 views
Published

New Rules about Power of Attorney by Andrea E. Frisby with Legacy Tax + Trust Lawyers

New Rules about Power of Attorney by Andrea E. Frisby with Legacy Tax + Trust Lawyers

Published in Business , Technology
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
444
On SlideShare
0
From Embeds
0
Number of Embeds
1

Actions

Shares
Downloads
3
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Powers of Attorney: Making the new Act work Presented By: Andrea E. Frisby Legacy Tax + Trust Lawyers 510-609 Granville Street Vancouver, BC V7X 1M6 Tel: (604) 631-1298
  • 2. Introduction
    • Statutory changes
    • Setting up the EPA
    • General duties
    • Specific duties
    • Specific new tools
  • 3. Setting up the EPA
    • Who is the client
    • Witnessing issues
    • What should the attorney know
    • When do the duties start
      • Effective date
      • Springing powers
      • Existing Powers
  • 4. General Duties
      • Codified in the Act – section 19
        • Fiduciary
          • “ Honestly and in good faith”
        • Standard of care – “reasonably prudent person”
        • Must act within the authority given in EPA
        • Liability for breach – section 22
  • 5. Specific duties
    • Investment
      • Investment authority must be express
      • Default is section 15.1 of Trustee Act
      • Delegation of investment authority – section 23(2)
      • Interplay with duties to keep assets and not interfere with the will
  • 6. Specific duties cont.
      • Involving the adult
        • what does this mean for attorney
        • potential for conflict
        • “ current wishes” vs. “known beliefs”
        • McMullen v. Webber
        • direction from court – section 36(1)(a)
  • 7. Specific duties cont.
    • Records requirements
          • “ reasonable effort” once “acting”
          • collect, assemble and keep records of financial transactions
          • catch up requirements for current attorneys
          • liability
  • 8. Supervision
    • Enhanced supervision of attorneys
      • report to Public Guardian and Trustee
        • investigation authority
        • failure to comply with duties
        • remedies
  • 9. Specific New Tools
    • Gifting provisions – section 20
      • Regulation, section 3
      • Modest authority
      • How does attorney ascertain pattern of giving – confirm criteria with Adult
      • Interplay with gifts under Will - section 19(3)(d)
  • 10. Specific New Tools cont.
    • Designating beneficiaries – limited power to fix technical problem
      • Desharnais v. Toronto Dominion Bank
      • Best interests of adult
      • Litigation potential
        • “ test” for court to change beneficiary
        • what is a “similar instrument”
        • interplay with inter vivos planning and/or wills variation
  • 11. Specific New Tools
    • Information and records
      • Incapability of Adult
      • An area of authority granted to attorney
        • estate planning and Will
        • Solicitor-client privilege
        • non-disclosure – section 33
  • 12. When do the duties end?
    • Revocation, suspension or termination
      • Revocation in writing to the attorney – section 28
      • Resignation - section 25
      • Suspension or termination
      • Liability and improper use
  • 13. Conclusion
    • Codified duties
    • New specific tools
    • More information and knowledge to both Adult and attorney
    • Standards for process
    • Accountability
  • 14. Questions?
    • Everything should be made as simple as possible, but not simpler.
    • Albert Einstein