September 26, 2018

Investments Under Power of Attorney

G+G POA Investments

ESTATE ADMINISTRATION – INVESTMENTS UNDER POWER OF ATTORNEY

An Attorney acting under a Power of Attorney for Property is required to be careful with investments. If the Power of Attorney for Property of the incapacitated person gives specific authority to make certain types of investments, an attorney can make those investments. Otherwise, an attorney should assume that they will be held liable by the incapacitated person or the beneficiaries of their estate when they die (even though they may not actually be liable) for any losses and invest conservatively.

On the other hand, an attorney should not necessarily leave funds in a bank account with a low rate of interest, even if that is where the money was when they began to act under the Power of Attorney. Generally, an attorney should consider placing the funds in a secure interest bearing investment and ensure the deposits meet the requirements to be insured by the Canadian Deposit Insurance Corporation (CDIC).

Speak to your legal adviser to ascertain appropriate investments for the Power of Attorney for Property.

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