ELDER LAW TOWNHALL SERIES - EMPOWERING OLDER ADULTS THROUGH KNOWLEDGE

© Advocacy Centre for the Elderly Toronto, Canada 8 CONTINUING POWERS OF ATTORNEY FOR PROPERTY • First of three methods of substitute decision-making for property • Created when a “Grantor” names an “Attorney for Property” in a “Power of Attorney Document” • Authorizes the Attorney to make financial decisions on behalf of the Grantor • Takes effect immediately, unless the POA document states other. [...] 16 of the Substitute Decisions Act • Stops the incapable person from making financial transactions • Gives full financial authority to the Statutory Guardian • By default is given to the Public Guardian and Trustee • The PGT may delegate to a family member © Advocacy Centre for the Elderly Toronto, Canada 17 COURT-APPOINTED GUARDIANSHIPS • Third of three methods of substitute decision-making for p. [...] if the Attorney for Property asks: • Give the Attorney any information about the property • Deliver the property to the Attorney for Property when required by the Attorney: SDA, s. [...] • Opening assets and liabilities • Assets bought and sold • Money received and paid • Investments made • Liabilities incurred and discharged • Compensation taken by the attorney or guardian © Advocacy Centre for the Elderly Toronto, Canada 39 DELIVERY OF ACCOUNTS •An attorney under a continuing power of attorney shall give a copy of the accounts and records he or she keeps to any of the following. [...] © Advocacy Centre for the Elderly Toronto, Canada 41 POWERS OF THE SUPERIOR COURT ON A PASSING OF ACCOUNTS •Direct the Public Guardian and Trustee to bring an application for guardianship • Suspend a power of attorney •Appoint the PGT or another person to act as temporary guardian •Order an assessment of the grantor of a power of attorney to determine his or her capacity •Order that a power of att.