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POA Issues 101

POA Issues 101

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Podcast Transcript – Elaine Blades

As Director of Fiduciary Products and Services, Scotiatrust, Elaine Blades deals on a daily basis with client issues of wills, trusts, and powers of attorney. Our conversation with her, covered a few basic, introductory comments. Elaine explains some basic terms and laws around POA issues including:

What is a Power of Attorney?
What terminologies do we need to know?
What is the difference between a Power of Attorney for property vs. for care?
Who can make a Power of Attorney?
Who can act as an attorney?
When does a Power of Attorney take effect?
What if I don’t want my attorney to begin acting right away?
What if I become incapable, but have not prepared powers of attorney?
Can an attorney for property be compensated?
What duties does an attorney assume?
Who should I appoint as my attorney for property?
Does an attorney assume any liability?
Can an attorney refuse to take on the role?
What are the common misunderstandings of power of attorney?

Elaine’s introductory comments set the stage for others to continue and cover other legal issues in future podcasts.

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