megram - Index

megram - 55NovOttawa - Index

out or received on behalf of the incapable person,including
all details associated with the transaction.The attorney must
maintain an up-to-date list of all investments made on behalf
of the incapable person, together with a list of the liabilities
that the attorney has paid off or otherwise discharged during
the administration of the incapable person’s affairs.
For doing this work, the attorney for property is entitled
by regulation to three per cent of the value of the capital
and income received by the attorney on behalf of the
incapable person, and three per cent of the value of the
capital and income paid out by the attorney.On an ongoing
basis, the attorney is entitled to three-fifths of one per cent
of the average annual value of the assets under administration,
and this is called a care and management fee.An attorney
for property who has questions about the management
of the property that he or she cannot resolve may apply to
court for directions. Other persons can also apply to the
court for directions to an attorney for property if they have
concerns about how the attorney is managing the incapable
person’s property. The attorney for property may
retain the services of a lawyer for assistance in bringing or
responding to a court proceeding.
It is obvious that the grantor of a power of attorney
must possess a significant degree of capacity to understand
that these tasks are, or will be, performed by another person
on behalf of the grantor. In actual fact, on the scale of
competence, the capacity to make a Will has the highest
Check our website for Super Deals
www.jmvacations.ca
See your travel agent or call
(416)979-8663 / 1-800-382-9330 or (416) 979-1100 / 1-800-268-8974
JM Vacations Ltd. 1503-2 Carlton St. Toronto, ON 2298366
November/December 2008 • 21 • Fifty-Five Plus Magazine
requirement, even more than the capacity to manage one’s
own financial affairs.Ironically,on the scale of competence,
the lowest requirement for capacity is when entering into
a marriage, which requires little more than the knowledge
of the prospective spouse and some ability to understand
the rights and obligations of being married. This may
explain the high divorce rate in this country and is surprising
in some ways, given the complex network of financial
and personal rights and obligations that flow by statute
from the act of marriage. This is especially so when you
consider that the marriage automatically invalidates any
Will made during the period sufficient capacity.A finding of
capacity, whether self-evident or verified by assessment,
provides the legal underpinning for the granting of an
effective power of attorney. One has to wonder, however,
whether we would not be better off with a single standard
for capacity for an individual who wishes to delegate his or
her legal rights and responsibilities to another person.
After assessing the ability of the grantor to create the
power of attorney, the next step is to choose the attorney.
Normally one would choose a member of the family, and in
the ordinary course this is the spouse of the grantor.This is
not only appropriate, it is completely normal, however, with
elderly parents quite often there is no spouse and adult children
are the next in line in terms of kinship. When one is
choosing an attorney for property, the primary criterion
should be the convenience of the attorney. The adult child
Vila Gale Atlantico
Club Oceano
$ 1649 *
PP DBL
* $335 airport tax not included
$ 1699 *
PP DBL
* $335 airport tax not included
LongStay Apartment Packages
• AirTransat Toronto - Faro • Transfers
• 28 nights 1 bedroom apartment
* Price shown for departure Jan 11, 18 or 25, 2009.
Other apartments, dates & durations available.
We have a wide selection of quality
apartments throughout the Algarve.
Hotels & Pousadas with meal plan also available.