Those who have agreed to act as a Power of Attorney for property may be subject to additional reporting requirements in the future. If the proposed amendments to the Substitute Decisions Act under Bill 9 get passed, POAs for property will have additional obligations. Bill 9 received first reading in February 2013.
The legislation would require an attorney an attorney under a continuing power of attorney for property to make an annual accounting to the Public Guardian and Trustees Office (PGT) or where requested by the grantor. It is still unclear as to the nature of the reporting, but it would likely include the grantor’s assets, liabilities and the amount of compensation taken by the attorney.
The legislation also proposes to establish a formal registry of attorneys for both property and personal care.
It will be interesting to see how onerous the reporting obligations are and whether there will be a surge in attorneys no longer wishing to take on the role. Unless the changes are communicated directly to those named as POAs, I don’t anticipate any mass exodus. Should the additional reporting become more broadly understood, some POAs may ask the grantor to find an alternate.
Those who are unable to find someone willing to be their primary or alternate Power of Attorney for property will rely on the services of the PGT. The PGT could find itself strained under the growing demand and would need to increase staff (which would require more tax dollars). Should the dollars not be available, service would eventually be compromised.
Stay tuned here for updates as they become available.
This information is of a general nature and should not be considered professional advice. Its accuracy or completeness is not guaranteed and Queensbury Strategies Inc. assumes no responsibility or liability.
