Clients may be called upon to take on powers of attorney as parents age and face incapacity. O’Sullivan Estate Lawyers in Toronto explain 10 duties that come with this responsibility:
#1. Always act “diligently, with honesty and integrity and in good faith” and in the best interest of the incapable person, ensuring that all decisions regarding the property are based on maximizing the incapable person’s quality of life.
#2. Do not comingle personal property and finances with the incapable person’s property and finances: keep them separate.
#3. Keep detailed, accurate records and accounts of all transactions involving the incapable person’s property, including debits, credits, investments, liabilities, compensation taken and inventories of original existing assets the incapable person owned as well as after-acquired and after-disposed of assets.
Also locate and consult the incapable person’s will to ensure that property gifted in it is not disposed of unless absolutely necessary.
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