A Power of Attorney (Mandate in Anticipation of Incapacity in Quebec) is a legal document whereby one person (the "donor") gives one or more persons (each an "attorney") the authority to act on his/her behalf, either immediately or at a future time, for example after the donor becomes incapacitated. RBC Wealth Management identifies certain key factors Canadians should take into account before appointing their attorney:
- Your attorney's financial acumen. While no one assumes that a trusted attorney would manage his/her money irresponsibly, if the person in mind is inexperienced in managing finances, he or she may not be as ideal a choice as someone who has financial experience or expertise.
- Your attorney's location and ability to travel. An attorney needs to be able to communicate important and timely decisions. Even with the ease of electronic communications, he or she may be required to travel on short notice if an emergency arises
- Your attorney's age and stage in life. Someone who is already of an advanced age today may not be healthy when you need them to act for you. This person could also be managing a busy career and family for the foreseeable future and may not have the time to dedicate to diligently attend to affairs as may be required.
- Your attorney's organizational skills. Not only will the attorney be responsible for the record keeping pertaining to your POA, they may also have to manage their own POA. If the attorney is responsible, there is a good chance he/she will be equally responsible with yours.
- Your attorney's potential for emotional bias. If your attorney is a relative, the person may have an emotional bias that prevents him or her from carrying out your wishes or have challenges when managing the expectations of other family members. Also, if the attorney is a family member, he or she may be in a potential conflict of interest if the spending for your care will affect his or her potential inheritance.
About RBC Wealth Management Services RBC Wealth Management - Canada, ranked number one in the industry, is the country's only wealth manager that provides its clients with access to a team of over 180 professionals who provide best-in-class wealth management solutions. This team consists of highly experienced and accredited lawyers, accountants, estate planners and tax specialists, business owner specialists and financial planners who work with our investment advisors, counsellors and private bankers to provide our high net-worth clients with a superior wealth management experience.
About RBC Wealth Management RBC Wealth Management is one of the world's top 10 largest wealth managers*. RBC Wealth Management directly serves affluent, high net-worth and ultra-high net-worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa, and Asia with a full suite of banking, investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$604 billion of assets under administration, more than C$369 billion of assets under management and over 4,400 financial consultants, advisors, private bankers, and trust officers.
*Scorpio Partnership Global Private Banking KPI Benchmark 2012. In the United States, securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, a wholly owned subsidiary of Royal Bank of Canada. Member NYSE/FINRA/SIPC.SOURCE RBC