Difference between revisions of "Your Attorney Toolkit"
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| 4 || Prenuptial Agreement / Marriage Licence / Divorce / Separation Agreement | | 4 || Prenuptial Agreement / Marriage Licence / Divorce / Separation Agreement | ||
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| 6 || Religious Documents | | 6 || Religious Documents |
Latest revision as of 21:42, 5 April 2018
This information applies to British Columbia, Canada. Last reviewed for legal accuracy by Kevin Smith in January 2018. |
These tools are designed to help you in your role as an attorney under a power of attorney.
New attorney checklist
When you start as an attorney under a power of attorney, here are the first things you should do.
- Review the power of attorney document. Understand when it takes effect and what powers it gives you. Are there multiple attorneys? Does it provide for you to be paid?
- Discuss your role with the adult. Talk with the adult about your role. Be clear on when you will start acting as their attorney. Discuss how you will support them in making decisions. Review how you will keep records.
- Deliver copies of the power of attorney. Contact any banks, businesses or people that the adult deals with and give them copies of the power of attorney. (If required, a lawyer or notary public can certify a copy as a true copy of the original document.)
- Make a list of the adult’s property and liabilities. Make an inventory of the adult’s property and liabilities as of the date when you start to act on their behalf. Include an estimate of the value of the property and liabilities. See below for details.
- Make a budget. Prepare a budget of the adult’s income and expenses. See below for details.
- Set up record keeping. Set up a filing system for the records you will keep. See below for details.
- Review the adult’s insurance. Make sure the adult’s property is adequately insured.
You can download a checklist from the People's Law School website.
Inventory
Under the law, you must keep a current list of the adult’s property and liabilities. The list should include an estimate of the value of the property and liabilities if it is reasonable to do so.
The list should include real estate, any vehicles, and personal property such as furniture, appliances, electronics, clothing, jewelry, collectibles and so on. It should also include financial assets such as bank accounts and investments such as any Guaranteed Investment Certificates (GICs), annuities, stocks, bonds, Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs).
As well, the list should include liabilities such as any mortgage, loans, credit cards, lines of credit and so on.
Here is an example of an inventory. You can download a template for an inventory from the People’s Law School website.
Room/Area | Item | Estimated value | Notes |
---|---|---|---|
Furniture | |||
Living room | Couch | $800 | Bought in 2015 from IKEA |
Living room | Chair | $400 | Bought in 2012 from the Bay |
... | ... | ... | ... |
Total est. value of furniture | $6,500 | ||
Transportation | |||
Garage | Car | $10,000 | 2012 Toyota Corolla |
Garage | Bicycle | $500 | 2012 Norco |
Total est. value of vehicles | $10,500 | ||
... | ... | ... | ... |
Budget
While not specifically required under the law, you should have a budget that lists sources of income and expenses for the adult. This will help you keep track of spending within budget. It will also be the basis of reports you should send to the adult.
Here is an example of a budget. You can download a budget template from the People’s Law School website.
Area | Amount | Amount (monthly) |
---|---|---|
Expenses | ||
Housing | Mortgage or rent | $750 |
Electricity | $100 | |
Gas | $50 | |
Insurance | $50 | |
Maintenance | $50 | |
Total expenses for housing | $1,000 | |
Transportation | Car loan payment | $200 |
Car insurance payment | $125 | |
Gas | $75 | |
Bus pass | $100 | |
Total expenses value for transportation | $500 | |
... | ... | ... |
Total expenses | $2,000 | |
Income | ||
Pensions | Old Age Security (OAS) | $850 |
Canada Pension Plan (CPP) | $650 | |
Total income from pensions | $1,500 | |
Other | Rental income | $200 |
RRSP interest income | $300 | |
Total income from other | $500 | |
Total income | $2,000 |
Filing system
Set up a filing system for all the records you will keep as the attorney.
You can set up a file folder for the monthly bank records. If there are reports for investments, put these into file folders. You will also need to prepare, file and keep a copy of annual income tax returns. You might set up one file folder for each year’s worth of income tax documentation.
For the other important documents, the adult may already have a filing system. If not, you could use a filing system with file folders, a binder with expanding sheet protector dividers, or even manila envelopes.
One option that can work well is an expanding poly file folder with multiple pockets to keep important documents all in one place, protected from the elements.
You can buy a 26 pocket poly file folder that will accommodate 26 important types of documents in the five categories of the PFILE filing system: Personal, Financial, Insurance, Legal, and Estate & Advance Planning.
PFILE System | |
---|---|
I | Personal |
1 | Birth Certificate / Adoption Papers |
2 | Education / Military Service |
3 | Employment History / Resume or CV |
4 | Prenuptial Agreement / Marriage Licence / Divorce / Separation Agreement |
5 | Family History |
6 | Religious Documents |
7 | Medical History / List of Doctors / Prescriptions / Health Records |
II | Financial |
8 | List of Bank Accounts / Bank Statements / Safety Deposit Box |
9 | Credit Cards / Debit Cards |
10 | Income Tax Returns / Property Tax Statements |
11 | Certificates of Deposits / Savings Bonds / Mutual Funds / Stocks |
12 | RRSPs / RRIFs / LIFs-RLIFs / LIOs / Annuities & TCA 90 |
13 | Old Age Security (OAS) / Canada Pension Plan (CPP) / Other Income |
III | Insurance |
14 | Fire (Property) Insurance |
15 | Auto Insurance |
16 | Life Insurance |
17 | Disability / Medical / Dental Insurance |
IV | Legal |
18 | Deed to House / Strata / Cottage or Lease |
19 | Mortgages / Loan Agreements |
20 | Passport / Citizenship Papers |
21 | Vehicle Title / Registration |
22 | Corporation / Partnership Documents |
V | Estate & Advance Planning |
23 | Power of Attorney |
24 | Representation Agreement / Advance Directives |
25 | Wills / Wills Registry Information / Codicils / Letter of Instructions to Executor |
26 | Trust Documents |
Financial management software
There are software programs that can help with managing personal funds. Perhaps the best known is Quicken from Intuit. A free online service for personal finances is Mint, also from Intuit. These services help you set budgets, track spending and pay bills.
With financial management software, it is also much easier to provide any reports requested by the adult or others.
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You are taking on a commendable but potentially onerous and thankless job as the attorney for someone else. Make your job as easy as possible when you start. When your friend or relative first approaches you to be their attorney, insist (before agreeing to take on the role) they get organized and use the tools described above. Then when it is time for you to take over their affairs, there will be much less to do at first! |
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