Does Your Power Of Attorney Need To Be Replaced?

By Theresa Arsenault, Q.C.

If you own shares in a private company and you have a power of attorney that pre-dates September 1, 2011, you may need to replace your enduring power of attorney to permit your attorney to continue to hold those shares after the attorney starts to act for you.

The new Power of Attorney Act, which came into effect on September 1, 2011, restricts attorneys acting under enduring powers of attorney to only Trustee Act investments (very restrictive), unless the power of attorney provides otherwise.  Please talk to your estate planning lawyer to be sure your power of attorney is in the current form.

For more information, contact Theresa Arsenault at arsenault@pushormitchell.com or (250) 869-1110