Let’s break down what you need to know before taking on the role, the important conversations you should have beforehand, and how to manage the responsibilities if they start to feel like too much. Whether you’re thinking about becoming a POA or you already are one, here are my practical tips to help make the process a bit smoother and more manageable.
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What are the responsibilities of a power of attorney for property?
Having a power of attorney for property is like having a financial superhero on standby for someone, called the “grantor.” This legal document allows a chosen trusted person to step in and manage your financial affairs if you’re unable to do so yourself. The person who takes on this role is known as the “attorney” (not to be confused with a lawyer).
It’s a big responsibility, and it comes with accountability and a duty to act in the best interests of the person being represented. The POA must manage the grantor’s money, investments and property with care, honesty and integrity. Essentially, the POA is accountable for their actions and must be prepared to justify their decisions, as they hold a position of trust and responsibility.
So, Canadians must choose our financial superheroes wisely and rest easy knowing our assets are in good hands.
Should you take on the role of an attorney for property?
Taking on the role of a POA for property means you’re expected to make decisions about money, investments and property on behalf of another person. Here are some tips to help you manage these responsibilities with grace and confidence.
Tips for managing POA responsibilities
First and foremost, communication is key. Keep the person you’re representing informed about the property decisions you’re making and the reasons behind them. Transparency builds trust and ensures that you’re both on the same page.
Second, stay organized. Keep detailed records of all transactions and decisions you’ve made. This will not only help you stay on top of things but also provide a clear trail if any questions arise.
Now, let’s talk about the elephant in the room: what to do if the responsibilities start to feel overwhelming. It’s perfectly normal, especially given the weight of the role. If you find yourself struggling, don’t hesitate to seek support. You can consult with financial advisors, legal professionals and even mental health support workers. Remember, superheroes need a sidekick.