A Guide for Powers of Attorney and Joint Bank Accounts
posted on December 15, 2017
“This publication provides general information about Powers of Attorney that deal with finances and property, and general information about joint bank accounts.” – Canada.ca
Please note, “When the term ‘Powers of Attorney’ is used in this document, it refers to Powers of Attorney for finances and property only. This brochure does not deal with Powers of Attorney for healthcare or personal care.”
- “Many Canadians are concerned about how to manage their money, property, and finances as they age or as life changes take place. They may worry about what will happen if they become unable to deal with their own finances. It is a good idea to plana head for a time when you may need help managing your affairs. Two tools often used for managing financial affairs are Powers of Attorney and joint bank accounts. It is important to know how a Power of Attorney or a joint bank account works before you use them. There are risks and advantages to both.”
Contents of Guide
- What is a Power of Attorney?
- What types of Powers of Attorney are used in Canada?
- What can my attorney do? (Can my attorney make decisions about my healthcare and personal care? Can I still make decisions for myself if I grant someone a Power of Attorney?)
- What are the advantages and risks of having a Power of Attorney?
- Choosing an attorney (Who can I ask to be my attorney? Do I have to pay my attorney? What are my attorney’s legal responsibilities?)
- What to consider when choosing an attorney
- What to consider BEFORE preparing a Power of Attorney
- What to consider AFTER you prepared a Power of Attorney
- What if my bank wants me to sign a Power of Attorney form?
- Joint Bank Accounts (What is a joint bank account? How does a joint account work? Why set up a joint bank account?
- Risks of a Joint Account
- What to consider before setting up a joint bank account
- Consider all your options
To access the full guide in pdf format, click here.
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