Your Will & Power of Attorney, Part Two of Two

By Thien Ly

Power of Attorney: Putting the right person in charge

[caption id="attachment_2486" align="alignright" width="115" caption="Thien Ly"]Thien Ly[/caption]

People often arrange their financial affairs for retirement and death, but seldom consider administrative requirements, should they become temporarily or permanently incapacitated. By appointing an attorney, you allow someone you trust to manage your property (e.g. home) and/or your personal care (e.g. medical treatment) if you become unable to act, due to illness or disability. By not appointing an attorney in advance, the government may appoint a public trustee to manage your financial and personal affairs. Is this the best person to assume such a  responsibility?

Although there are some provincial variations, generally an attorney should:

• Act with honesty and integrity and in good faith, for your benefit.
• Choose the least restrictive, least intrusive and most appropriate course of action available.
• Encourage you to participate, to the best of your abilities, in decisions about your property and personal care.
• Foster regular personal contact between you and those family members/friends who support you.
• Consult from time to time with supportive family and friends and with those providing your personal care.
• Follow the instructions and wishes you made when you were capable.

When selecting an attorney for your property and/or personal care

Think about the person you choose:

• Does he/she know you well enough to make property and/or personal decisions on your behalf?

• Do you trust this person to accept responsibility and follow your instructions and wishes, even if he/she may disagree with what you want?

You may feel more comfortable discussing your choice with your family, lawyer or physician; and it’s important to review your choice annually.

Talk to the person you choose:

• Ask that person if he/she is willing to be your attorney.

• Inform them of their responsibilities.

• Discuss your reasons for selecting an attorney.

• Discuss your instructions and how you want them carried out.
Many provinces have made or are in the process of making changes to regulations regarding an attorney. Your lawyer or legal advisor can assist you in the preparation of your power of attorney.

Don't leave your future to chance.

"What to do now" is the name of a booklet prepared by Sun Life Financial to help individuals settle the estate of a deceased relative or friend, or to manage the estate of someone who becomes ill or incompetent. The booklet provides useful information on who to see, what organizations to contact and where to go for help. There's sample space in the back of the booklet to catalogue key information about an estate. Knowing the location of all important documents and the numbers of all accounts, certificates and policies, keeps delays and confusion to a minimum. This booklet should be stored in a safe place where it is readily available to your executor or attorney when needed. We suggest that you advise your executor and attorney on the whereabouts of this booklet (or some other written summary of key information regarding your estate) or provide them with a copy. If you need a copy of this Booklet you can contact me at (416) 992-5109 or [email protected].

About Thien Ly, EPC, RHU

Since early 2002, upon graduating from Business Accounting and Finance, Thien has been contracted as an independent Advisor at Sun Life Financial. He is dedicated to helping families, business owners and companies achieve their lifetime financial goals by providing clear financial advice in accordance to their individual needs. There’s nothing more rewarding to him than working with people who appreciate his guidance in achieving their financial goals. He holds a Life & Health Insurance Licence, Investment Funds Licence, Elder Planning Counselling Designation and Registered Health Underwriter Designation. He is currently working toward additional financial designations. Thien has been a member of the Million Dollar Round Table, which is represented with the top 1% of financial professionals worldwide. Thien also raises funds for the Kidney Foundation. You can contact Thien through or call 416-992-5109.

By Adam

October 08, 2010