9,075
edits
Difference between revisions of "Common Questions on Powers of Attorney"
Jump to navigation
Jump to search
Common Questions on Powers of Attorney (view source)
Revision as of 20:57, 9 April 2017
, 20:57, 9 April 2017→Are there other options to plan for the future?
Drew Jackson (talk | contribs) |
Drew Jackson (talk | contribs) |
||
| Line 51: | Line 51: | ||
* In a '''representation agreement''', you can name someone of your choice to make decisions for you when you can no longer manage on your own. The person you name as your “representative” can make personal care and health care decisions for you. With a “section 7 representation agreement”, the representative can also be authorized to handle “routine management” of financial affairs and most legal matters. For example, your representative can pay your bills, deposit your pension and other income, purchase food and other personal care services, and make investments for you. However, they can not handle financial matters beyond the routine, such as buy or sell your real estate property or take out a new loan in your name. | * In a '''representation agreement''', you can name someone of your choice to make decisions for you when you can no longer manage on your own. The person you name as your “representative” can make personal care and health care decisions for you. With a “section 7 representation agreement”, the representative can also be authorized to handle “routine management” of financial affairs and most legal matters. For example, your representative can pay your bills, deposit your pension and other income, purchase food and other personal care services, and make investments for you. However, they can not handle financial matters beyond the routine, such as buy or sell your real estate property or take out a new loan in your name. | ||
* In a '''trust agreement''', you can put all your property and income in a trust. You can name someone of your choice to be the trustee, and spell out terms of how the property is to be managed. The trust continues if you become incapable, and can even survive death, ensuring your affairs continue to be managed in a way that is consistent with the terms in the trust. | * In a '''trust agreement''', you can put all your property and income in a trust. You can name someone of your choice to be the '''trustee''', and spell out terms of how the property is to be managed. The trust continues if you become incapable, and can even survive death, ensuring your affairs continue to be managed in a way that is consistent with the terms in the trust. | ||
* If your finances are not complicated, a '''pension trusteeship''' can be set up. Let’s say your only source of income is federal income security programs such as Old Age Security and the Canada Pension Plan, and your expenses are just rent, food and utilities. In that case, a capable family member or friend can sign up with the income security programs to receive your pension funds as trustee to pay the rent and bills. | * If your finances are not complicated, a '''pension trusteeship''' can be set up. Let’s say your only source of income is federal income security programs such as Old Age Security and the Canada Pension Plan, and your expenses are just rent, food and utilities. In that case, a capable family member or friend can sign up with the income security programs to receive your pension funds as trustee to pay the rent and bills. | ||