A Power of Attorney (POA) is a powerful legal instrument in Manitoba. With it, one person can delegate their financial and legal decisions to someone else. You will need this designation if a family member or loved one needs you to to buy or sell a home on their behalf.

This arrangement is particularly useful for those who may become unable to manage their affairs because of an illness, disability, or extended absence.

Here, we explore the various responsibilities and tasks that a Power of Attorney can handle in Manitoba.

Financial Management

One of the primary roles of a Power of Attorney is to manage the grantor’s financial affairs. This can include:

Banking Transactions

• Managing bank accounts, including deposits, withdrawals, and transfers.
• Paying bills and managing routine financial obligations.
• Overseeing savings and checking accounts.

Investments

• Buying, selling, or managing investments such as stocks, bonds, and mutual funds.
• Making decisions regarding retirement accounts and other investment portfolios.

Real Estate

• Buying, selling, or managing real estate properties.
• Handling mortgage payments and property taxes.
• Leasing property and managing rental agreements.

Taxes

• Filing income tax returns and handling other tax-related matters.
• Paying property taxes and other government levies.

When a relative asks for help with buying or selling a home, you may need Power of Attorney. You will also need advice on getting the best results, which you’ll get in the posts below:

• Considerations For Selling Your Parent’s Home In Winnipeg
• Should I Renovate My Home Before Selling?
• Should You Buy A Resale Home Or A New Build In Winnipeg?
  

Legal Affairs

A Power of Attorney can also handle a variety of legal matters on behalf of the grantor, including:

Contracts and Agreements

• Entering into, modifying, or terminating contracts and other legal agreements.
• Negotiating terms and conditions on the grantor’s behalf.
• Litigation and Legal Proceedings
• Representing the grantor in legal proceedings.
• Hiring legal counsel and managing legal disputes.

Estate Planning

• Managing the grantor’s estate planning documents, such as wills and trusts.
• Making decisions about the distribution of assets.

Personal Affairs

In addition to financial and legal matters, a Power of Attorney in Manitoba can manage certain personal affairs, though this typically requires specific authorization within the POA document:

Health Care Decisions

While a standard Power of Attorney does not typically cover health care decisions, a separate document called a Health Care Directive can be used in conjunction with a POA to handle medical decisions.

Living Arrangements

Deciding on the grantor’s living arrangements, including selecting care facilities or making arrangements for home care services.

Scope and Limitations

The scope of what a Power of Attorney can handle in Manitoba is defined by the POA document itself. The grantor can specify which powers are granted and any limitations on those powers. There are two primary types of POA in Manitoba:

General Power of Attorney

This grants broad authority to the attorney to manage most of the grantor’s financial and legal affairs. It is typically used for a specific period or purpose and can be revoked by the grantor at any time.

Enduring Power of Attorney

This type of POA remains in effect even if the grantor becomes mentally incapacitated. It is crucial for long-term planning, ensuring that the grantor’s affairs are managed continuously.

A Power of Attorney in Manitoba can handle a wide range of financial, legal, and personal matters, providing invaluable assistance to those who may need help managing their affairs. By clearly defining the scope of authority in the POA document, grantors can ensure that their interests are protected and their affairs are managed according to their wishes.

If you are considering appointing a Power of Attorney or need to understand more about what it entails, consulting with a legal professional is highly recommended. This will ensure that all legal requirements are met and that the POA arrangement serves its intended purpose effectively.

Do you have questions about buying or selling Winnipeg real estate? Our knowledgeable team of agents is happy to help. Reach out to info@goodfellowrealty.com or call 204-224-2551 for more information.