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Are there Residency Requirements to be a Power of Attorney or Executor?

Do geographical boundaries matter when appointing someone as a power of attorney or executor?  While there is no absolute prohibition on appointing non-residents, it may be wise to choose someone close to home. Power of Attorney An attorney appointed under a Power of Attorney does not need to be a resident of Manitoba, or even a resident of Canada. Section 16 of The Power of… Read More »

Accounting Tips for Executors, Trustees and Attorneys

Anyone who holds assets for the benefit of someone else is in a position of trust. These individual controlling the assets are called “Trustees”, and the people entitled to the benefits of those assets are called “beneficiaries”. There are different types of Trustees: executors, administrators for an estate and attorneys acting under a Power of Attorney are a few examples. To promote clarity and ensure… Read More »

How Bankruptcy Impacts Estate Planning

When preparing a Will or Power of Attorney you need to make sure that the person(s) chosen to handle the affairs of the estate can get the job done. Skills, reliability and trustworthiness are primary considerations.  Whether someone is or may be at risk of becoming bankrupt is another factor to consider. Appointment of Bankrupt as Executor: Section 9 of Manitoba’s The Trustee Act states… Read More »

Opportunity Knocks!

The Importance of a Power of Attorney

When people start planning for the future they most often think of getting a will drawn up to make sure that those depending on them know what their wishes are. While this is certainly an important step, it does not solve every issue. What may be equally important, if not more so, is a Power of Attorney to deal with issues while you are alive.… Read More »

Estate Planning and Probate Fees

Many people want to avoid “estate taxes”, or probate fees. Sometimes, this will be attempted by putting bank accounts or real estate into joint names, where a right of survivorship causes the asset to vest entirely in the name of the survivor (often a child) on the death of the owner of the asset. Usually this is a bad idea, with nasty unintended consequences. Doing… Read More »

 
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