Just a Minute - Podcast Episode 35: Continuing Power of Attorney Part 2

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[00:13] Welcome to a new episode of “Just a Minute” by Landmark Law. This episode is presented to you by Mabel on July 7, 2023, to help educate our listeners on various legal scenarios.

[00:26] BELL CHIME

[00:28] Followed by last week’s topic on Continuing Power of Attorney, you may appoint one or more attorneys. If you appoint more than one attorney, you may request that they decide on your financial affairs together ("jointly") or separately (without the approval of the other) as well as together ("jointly and severally").

[00:47] If you become mentally incapable and did not appoint an attorney for property, the law determines this person (called a "statutory guardian") or the Public Guardian and Trustee, or the court may appoint someone for you as the last resort after much time and legal fees are spent.

[01:05] If your Continuing Power of Attorney is silent on the matter of payment, your attorney will be entitled to: 3% of money received, 3% of money paid out on your behalf, and 3/5 of 1% of the average annual value of your assets. If you have more than one attorney, they will split this statutory payment amount. Or, you may specify the amount of payment or prohibit collection of payment.

[01:28] Landmark Law assists in preparing your Continuing Power of Attorney for Property and with your Wills and Estates Planning. Please feel free to book a 30-minutes consultation with us today at landmarklaw.ca/book