Power of attorneys are usually appointed in the event that the donor will no longer be able to manage their affairs in the future for reasons such as health related issues, travel, and overall not being in sound mind to manage one’s own affairs.
“Powers of Attorney always have to wear the fiduciary hat” says Colin “and always, always be over-prepared”
The primary responsibility and priority of the power of attorney Is to maintain the personal care and security of the donor. This usually comes in the form of financial care, which includes responsibilities such as paying bills, looking after properties, keeping record of invoices and transactions, and keeping a record of all the donors assets and liabilities. It could also come in the form of maintaining personal health care if the donor is not able to do so, which entails responsibilities such as keeping up with appointments, and providing the donor with all the necessary materials and resources for the maintenance of good health.
Colin also recommends that in order to be a responsible power of attorney, one should consider in good contact with all the lives that intersect with that of the donor. This will help the attorney get an idea of the needs and requirements of the donor, and will make the job of the POA easier.
Catch FH&P Lawyers Nancy Ling and Colin Flannigan on AM 1150 every other Tuesday morning at 9:30 am on Tuesday morning law talk with Phil Johnson! Keep your eyes peeled on our blog for more on Powers of Attorney and Estate Planning information!
FH&P Lawyers LLP Welcomes Tanvir Gill to the Firm
Originally from Surrey, B.C. Tanvir obtained her Bachelor of Arts degree from Simon Fraser University before attending law school at Thompson Rivers University in Kamloops. She obtained her law degree in 2018 and completed her articles with a local firm. Tanvir was called to the Bar in 2019 and joined FH&P as an associate in July 2020. Tanvir is building a practice with a focus on residential and commercial real estate, business law and wills and estates. She is fluent in both Punjabi and Hindi. Outside of the office, Tanvir enjoys taking advantage of all that the Okanagan Valley has to offer, whether that means visiting her favourite wineries, paddle boarding or snowboarding at Big White in the winters.
DON’T JUST CLOSE YOUR DOORS (Part 3): Options for Financing
This is Part 3 of a three-part series entitled “Don’t Just Close Your Doors” in which we provide options for business owners struggling with the effects of the shutdowns and who see no option other than shutting down. In previous articles, I urge business owners not to focus on the current cashflow of the business (which is likely not great, given the state of the economy) and focus instead on the sources of potential value in their business – client lists, location, intellectual property, existing contracts, and business systems.
DON’T JUST CLOSE YOUR DOORS: Finding a Buyer (PART 2)
This is Part 2 of a three-part series entitled “Don’t Just Close Your Doors” in which we provide options for business owners who see no option other than shutting down. In the previous article, I urge business owners not to focus on the current cashflow of the business (which is likely not great, given the state of the economy) and focus instead on the sources of potential value in their business – client lists, location, intellectual property, existing contracts, and business systems. Rather than shutting their doors, we hope to encourage business owners to realize that potential value, and consider selling all, or a part, of their business to benefit from the value they have created.