Choose Wisely: Selecting a Power of Attorney and Executor for your Will
Power of Attorney
When choosing who will act as your Power of Attorney (POA), you are nominating someone who will act on your behalf, while you are still alive but are either mentally or physically unable to act on your behalf. Here are a few things you should consider.
You should appoint someone who is responsible, caring, trustworthy, and you can rely on. This person will be making decisions in relation to your personal care and/or financial matters.
Make sure to choose someone reliable to keep you informed about how your financial affairs are being managed. Remember, your POA must act in your best interests.
Choose someone who is not afraid to ask for advice. Your POA should be comfortable asking for advice from financial advisors, accountants, and lawyers to protect your financial assets.
When choosing a POA you are relying on someone to act in your best interests not his/her own. It should be someone you trust with your eyes closed. Financial abuse is a serious issue. We want you to be at peace when the time comes for your POA to act on your behalf.
Choosing an executor for your estate is also a very important decision, he/she will administer your estate after you’ve passed away. Here are a few things you should consider.
You can appoint anyone to be your executor. However, it may be easier if you choose someone who lives in the same province as you, as this makes it much easier to deal with your beneficiaries and consolidate your assets.
If you wish to appoint two or more executors to manage your estate, you can. Keep in mind that having multiple executors can sometimes result in a longer process, and could be more time consuming.
Your executor should be trustworthy, reliable, and responsible. You may want to consider someone who is younger and in good health.
Your executors will be the responsible for gathering, protecting, and evaluating your assets. They will be responsible for making your funeral arrangements, filing tax returns, seeking consultation with professionals (i.e. lawyers and accountants), and liquidating and distributing assets pursuant to the provisions of your Will.
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