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Aug 6th, 2022
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How to Clean design in the Power of Attorney

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hey there im paul Rabelais im an estate planning attorney and in this video im gonna talk all about power of attorney something just about everybody does hmm often misunderstood so Im gonna lay out really 10/10 critical points that affect people when they either are creating a power of attorney or theyve been appointed by someone else who created a power of attorney so Im Paul Rabelais estate planning attorney help our clients all around Louisiana get and keep their legal affairs in order so first let me go over what is a power of attorney so power attorney is something that just about everybody does when theyre getting all of their legal affairs in order but its a its an instrument or a legal document where you give someone else the authority to transact for you and then were gonna you know dig into some of the details here so I want to give you ten key points about power of attorney the first four are gonna be really more definitions but you need to know the definitions an

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Can a power of attorney transfer money to themselves in Ontario? In Ontario, there are restrictions on the types of financial transactions that a power of attorney can carry out. In general, the principals money or property cannot be transferred to themselves by either type of power of attorney.
Because of this unfamiliarity, sometimes the pendulum swings too far and the bank refuses to recognize legitimate Powers of Attorney. Banks can refuse to accept a Power of Attorney because it is old, lacks clarity, or does not conform to the banks internal policies.
There are 3 types of power of attorney each addresses a different estate planning need.In Ontario, there are 3 different types of powers of attorney you can give someone: A non-continuing power of attorney. A continuing power of attorney for property. A power of attorney for personal care.
So, a property and financial Power of Attorney can give themselves money (with your best interests in mind). But you may be concerned about them borrowing money from you, or giving themselves a loan. The answer is a simple no. Your interests clearly arent best served with someone borrowing money from your estate.
Through the use of a valid Power of Attorney, an Agent can sign checks for the Principal, withdraw and deposit funds from the Principals financial accounts, change or create beneficiary designations for financial assets, and perform many other financial transactions.
If you dont have any limitations in your power of attorney document, your attorney can do your banking, sign cheques, buy or sell real estate in your name, and buy consumer goods. Your attorney does not become the owner of any of your money or property. He or she only has the authority to manage it on your behalf.
Under a general power of attorney or an enduring power of attorney, an attorney cannot make medical, health or personal care decisions for you. In B.C., these decisions are covered by documents called representation agreements and advance directives.
Compensation for being a POA in Ontario The fee scale is currently: 3% of capital and income receipts. 3% of capital and income disbursements. 0.6% of the annual average value of the assets.

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