Power of Attorney for Property - Template, Sample Form Pro · EN-CA-law

CONTINUING POWER OF ATTORNEY FOR PROPERTY

This document constitutes the Continuing Power of Attorney for Property of ________, made pursuant to the provisions of the Substitute Decisions Act, 1992, S.O. 1992, c. 30 (and any successor legislation or any consolidation, amendment, re-enactment or substitution thereof).

§ 1 — APPOINTMENT OF ATTORNEY

1.1 I, ________, born on ________, currently of ________, in the City of ________, in the Province of Ontario (the “Grantor”), hereby revoke any and all prior continuing powers of attorney for property made by me, and I appoint my ________, ________, currently of ________ (the “Attorney”), to be my attorney for property.

1.2 In the event that the Attorney named in § 1.1 is unable or unwilling to act, or ceases to be able to act, I appoint ________, currently of ________, to act as my substitute attorney for property with the same authority conferred herein.

1.3 Where more than one attorney is named to act at the same time, my attorneys shall act ________ (jointly / jointly and severally).

1.4 I authorize my Attorney to do on my behalf anything in respect of property that I could do if capable of managing property, except make a will. I confirm that my Attorney may exercise such authority even if I am mentally incapable of managing property.

§ 2 — CONTINUING OR ENDURING POWER

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§ 3 — NATURE OF PROPERTY AND ACKNOWLEDGEMENT OF CAPACITY

In making this Continuing Power of Attorney, I confirm that I am at least eighteen (18) years of age and that I understand the following:

(a) the nature, value and extent of my property;

(b) my obligations to my dependants, if any;

(c) that, subject to any conditions or restrictions contained herein, my Attorney shall have the ability to do anything that I could do in respect of my property, except make or amend a will;

(d) that my Attorney must keep accounts of all transactions involving my property and must account for their dealings, including expenses incurred, debts paid, revenues earned, and all matters concerning my property, investments and liabilities under management;

(e) that this power of attorney may subsequently be revoked or amended by me, provided I have the capacity to do so;

(f) that my Attorney may review my will in order to ascertain and give effect to the management of my estate in a manner consistent therewith;

(g) that the value of my property may decline as a result of my Attorney's management, unless such management is conducted in a reasonably prudent manner;

(h) that my Attorney may potentially misuse, defraud or neglect the management of my property through unauthorized or unlawful activities, and that I have taken this into consideration prior to making this appointment.

§ 4 — POWERS, CONDITIONS AND RESTRICTIONS

4.1 My Attorney is authorized to do the following on my behalf:

(i) make those expenditures that are reasonably necessary for my support, education and care;

(ii) make those expenditures that are reasonably necessary for the support, education and care of my dependants;

(iii) act as my legal representative as defined under the Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), and obtain information on behalf of my estate concerning dealings with third parties, including financial institutions and governmental entities;

(iv) take control of and possess my personal property, including items held in a safe or safety deposit box;

(v) exercise all rights pertaining to the disposition or encumbrance of a matrimonial home pursuant to the Family Law Act, R.S.O. 1990, c. F.3 and other applicable family law, provided that no such disposition or encumbrance shall be made except in accordance with that legislation;

(vi) make those expenditures that are necessary to satisfy any other legal obligations I may have; and

(vii) make gifts or loans to my friends and relatives, and charitable gifts, only to the extent permitted by section 37 of the Substitute Decisions Act, 1992.

4.2 My Attorney shall be subject to the following additional conditions or restrictions: ________.

4.3 My Attorney shall exercise the powers and perform the duties conferred upon them diligently, honestly, in good faith, and in my best interests, and shall be held to the standard of care prescribed by section 32 of the Substitute Decisions Act, 1992.

§ 5 — EFFECTIVE DATE

5.1 This Continuing Power of Attorney for Property comes into effect as of the date of execution set out below and shall continue in force until revoked, until my death, or until otherwise terminated in accordance with the Substitute Decisions Act, 1992.

§ 6 — COMPENSATION

6.1 My Attorney shall be entitled to take such annual compensation as may be prescribed from time to time under the Substitute Decisions Act, 1992 and the regulations thereunder, in respect of the management of my property.

6.2 Notwithstanding the foregoing, my Attorney may take compensation at such other rate or in such other amount as may be agreed upon between us in writing, or as may otherwise be authorized by a court of competent jurisdiction.

§ 7 — LIABILITY AND INDEMNITY

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§ 8 — GOVERNING LAW

8.1 This Continuing Power of Attorney for Property shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

EXECUTED at ________ (city), ________ (province) this ________ day of ________, 20__, in the presence of both witnesses, each present together at the same time, neither of whom is the Attorney, the Attorney's spouse or partner, the Grantor's spouse or partner, a child of the Grantor or a person whom the Grantor has demonstrated a settled intention to treat as their child, a person whose property is under guardianship, or a person under the age of eighteen years, and who have no reason to believe that the Grantor is incapable of giving a continuing power of attorney.

SIGNATURE OF GRANTOR

___________________________________

Name: ________

Address: ________

Date: ________

WITNESSES’ SIGNATURES

Witness 1

___________________________________

Name: ________

Address: ________

Date: ________

Witness 2

___________________________________

Name: ________

Address: ________

Date: ________