CONTINUING POWER OF ATTORNEY FOR PROPERTY
This document is the Continuing Power of Attorney for Property of ________, which is given pursuant to the provisions of the Substitute Decisions Act, 1992, S.O. 1992, c. 30 (or any successor legislation or consolidation, repeal, amendment or substitute therefor).
APPOINTMENT OF ATTORNEY
1. I, ________, currently of ________, in the Province of Ontario, revoke any previous continuing power of attorney for property made by me, and I hereby appoint my ________, ________, currently of ________, to be my attorney for property.
2. I authorize my attorney for property 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 do so even if I am mentally incapable.
CONTINUING OR ENDURING POWER
This is a continuing or enduring Power of Attorney in that my named attorney may continue to manage my property and affairs on my behalf in the event of any mental incapacity or infirmity.
NATURE OF PROPERTY
In making this Continuing Power of Attorney, I hereby confirm 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, the attorney named herein shall have the ability to do anything that I could do, except make or amend a Will;
(d) The attorney must account for their dealings with the grantor, including expenses incurred, debts paid, revenues earned, and anything regarding my property and investments or liabilities taken under management;
(e) That the power of attorney may be subsequently revoked or amended by the grantor, provided they have the capacity;
(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 thereof, unless such management is conducted in a reasonably prudent manner;
(h) That the attorney named herein may potentially misuse, defraud, or neglect the management of my property through unauthorized or illegal activities, and I have taken this into consideration prior to making any such appointment.
CONDITIONS AND RESTRICTIONS
1. My attorney will be 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; and
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iv. take control of and possess personal property, including those items which may be held in a safe or safety deposit box;
v. exercise all rights pertaining to the disposition or encumbrance of a matrimonial dwelling pursuant to applicable family law;
vi. those expenditures that are necessary to satisfy any other legal obligations I may have.
EFFECTIVE DATE
This power of attorney for property comes into effect as of the date of execution set out below.
COMPENSATION
1. My attorney for property 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.
2. Notwithstanding the foregoing, my attorney for property 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.
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SIGNATURE
___________________________________
Name:
Address:
Date:
WITNESSES SIGNATURE
Witness 1
___________________________________
Name:
Address:
Date:
Witness 2
___________________________________
Name:
Address:
Date: