Having a power of attorney in place is one of the most important things you can do in planning for your financial future in case you become incapable of managing your own affairs. The responsibilities of serving as an attorney under a power of attorney require an immense amount of time, energy and attention to detail. This can be overwhelming while caring for a loved one at the same time.
Substitute Decision Maker Services
SUBSTITUTE DECISION MAKER SERVICES
When an individual becomes mentally incapacitated, they require someone to continue to manage their financial affairs. While they have capacity, they can select that person by naming them under an enduring power of attorney.
If they have not chosen someone before they become incapacitated, then an application must be made to the Court to have what is called a committee of estate appointed to manage the individual’s financial affairs.
Solus Trust will act as an attorney under an enduring power of attorney. In addition, where necessary, Solus Trust will make an application to the Court to be appointed committee of estate. These situations can be broadly described as acting as a substitute decision maker for the client.
SUBSTITUTE DECISION MAKER SERVICES PROVIDED
- Working with the client and their advisors to determine whether the client requires a trust company to act as their substitute decision maker and, if so, then ensuring that the terms of such appointment are accurately reflected in the enduring power of attorney;
- When the client becomes incapacitated, ensuring that the formal requirements under the substitute decision making document are met before assuming responsibility of the client’s financial affairs or where no such documentation exists, working with the client’s advisors to apply to the Court for formal appointment as committee for the client;
- After appointment as substitute decision maker for the client, gathering and accounting for all of the client’s financial assets;
- Ensuring that the assets have proper insurance, where necessary;
- Arranging for the professional management of all of the client’s assets, which may require the hiring of experts such as investment managers or real estate property managers;
- Monitoring on a regular and periodic basis the management of the client’s assets and the performance of any third parties hired to manage those assets;
- Collecting the income earned on the client’s assets;
- Payment of all the client’s proven debts and expenses;
- Filing income tax returns and paying any outstanding tax liabilities;
- Representing the client in any legal proceedings;
- Providing accounting to the family or Public Guardian and Trustee on a regular and periodic basis to demonstrate proper and professional management of the client’s financial affairs; and
- Completing the final distribution of the assets back to the client upon their recovery or to their estate upon their passing.
While it’s an honour to be an executor, many people find the duties demanding—particularly while they are grieving the loss of a loved one. Many also lack the time or ability to take on the tasks, especially if they live in another city, province or country. Solus Trust provides executor assistance services to executors by serving as agent for an executor of an estate or for a trustee of a trust.