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.