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It can be quite the adventure to manage a power of attorney (POA) for property and financial matters. In Canada, POAs for property are responsible for a wide range of tasks, from paying bills and managing investments to handling real estate transactions. And, there is of course ensuring remaining financial affairs are in order. The role requires attention to detail, organization and a good understanding of the person’s wishes. While it can be a lot of work, it’s also an opportunity to provide invaluable support to a loved one. And, sometimes it can make sense to hire someone.
Let’s break down what you need to know before taking on the role, the important conversations you should have beforehand, and how to manage the responsibilities if they start to feel like too much. Whether you’re thinking about becoming a POA or you already are one, here are my practical tips to help make the process a bit smoother and more manageable.
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