Skip to main content
Welcome to
super saver spring
offer ends april 20
save over $140
save over 85%
$0.99
per week for 24 weeks
Welcome to
super saver spring
$0.99
per week
for 24 weeks
// //

Dear Nancy Woods

I have a question with regards to a capacity assessment. I have power of attorney for property for my elderly mother. She is showing signs of confusion, and I don’t think she can handle her finances. Do I need to get a capacity assessment for her?

Maurice

Story continues below advertisement

==

Dear Maurice,

You will have to check the terms and conditions of the power of attorney. It may say specifically that it can only be used when she doesn’t have capacity. Even if it doesn’t, there are other parties that may question your use of the power of attorney.

I would suggest that you have some assessment done so there is a defined time that a qualified professional can state that there was good reason for you to use the power of attorney. That would help protect you. I would further suggest that you get legal advice as to what your legal obligations are under the power of attorney.

It is also a good idea to review the will. If there is a specific bequest, such as a piece of jewelry left to a grandchild, it is important that you know that specific item should not be disposed of in any way. There are also accounting and reporting obligations that would be required for you to have accessible to other interested parties.

Nancy

==

Story continues below advertisement

Nancy Woods is a Vice President, Portfolio Manager and Investment Adviser with RBC Dominion Securities Inc. Visit her blog, “Nancy’s Notes” at nancywoods.com or send her your question to asknancy@rbc.com

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Comments are closed

We have closed comments on this story for legal reasons or for abuse. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies