On September 1, 2011, the Adult Guardianship and Planning Statutes Amendment Act, 2007 came into effect, amending several different guardianship and estate planning statues, and in particular, the Power of Attorney Act of B.C.
Power of Attorney Act (the “POA Act”)
The amendments to the POA Act impose new and specific duties on people acting as enduring powers of attorney and also expands the powers of the attorneys. These amendments help to clarify the scope of the attorney’s responsibilities, but also create some new responsibilities and challenges for attorneys.
In general, the amendments confirm that an attorney must act honestly and in good faith, must exercise the care, diligence and skill of a reasonably prudent person and must act within the authority given in the enduring power of attorney document.
DUTIES OF AN ATTORNEY: below are some highlights in regards to the new duties of an attorney acting under an enduring power of attorney:
Duty to act in the best interest of the Adults – the attorney must make efforts to determine the adult’s wishes, beliefs and values, while the adult is still capable.
Duty to Keep Records – The attorney must keep detailed records of the adult’s assets, liabilities, invoices, bank statements, and other statements to be able to produce a full accounting of income and disbursements.
Duty to give priority to the adult’s personal care – Although the attorney does not have the authority to make health care decisions on behalf of the adult, the attorney, when managing with adult’s financial and legal affairs, must give priority to ensuring the that the adult’s personal and health care needs are addressed from a financial perspective. Further, to the extent possible, the attorney must keep the adult’s personal effects at the disposal of the adult.
Duty to maintain property gifted in the Will of the Adult – An attorney is under an obligation not to dispose of an adult’s property that is known to be subject to a testamentary gift in the adult’s Will, unless the disposition is necessary for the attorney to be able to carrying out his/her other statutory obligations. Accordingly, it will be necessary for the attorney to familiarize him/herself with the Last Will & Testament of the adult.
POWERS OF AN ATTORNEY
Power to make a gift or a loan
Power to make beneficiary designations
CONCLUSION
Any person currently acting as enduring power of attorney or is appointed after September 1, 2011 to act as an enduring power of attorney, must pay careful attention to these changes and to make sure they understand their new statutory duties, powers and responsibilities in acting as attorneys.
We encourage anyone with any question about these new changes, duties and powers to contact Bell Alliance Lawyers at 604.873.8723
News
Amendments to the Power of Attorney Act
January 30th, 2012 “I thought Co-ops were subsidized Housing, can I buy a Co-op apartment?”
November 18th, 2011 Relative to the number of Strata titled properties, there are not many Co-ops in the Lower Mainland, but when they appear on the market, the buildings tend to be very well maintained, the units are a generous size and the price is often very attractive.
The term “Co-op” can be used to describe subsidized housing, or cooperative housing. However, Apartment Corporations are also referred to as “Co-ops”. These Co-ops are essentially corporations that own land. The shareholders of the corporation own shares associated with specific units in the building. So, an owner of a Co-op doesn’t actually own any land, they own shares in a corporation.
So how is buying a Co-op different than buying a regular strata titled property? Well it depends. Because these co-ops are corporations, every one is different with their own systems and processes. In some Co-ops, Property Transfer Tax (PTT) will never be payable and in others PTT will be payable on every transfer. It just depends on how the corporation decided to register its ownership of the title, when it first acquired it.
However with all Co-ops (apartment corporations), buyers should be prepared for the following:
• More closing costs: There will likely by double the legal fees at closing, because the co-op will have its own lawyer. So you will be paying for your own lawyer/notary and the co-ops lawyer.
• Co-ops have rules: the corporation must approve and sign off on any transfer of shares, they have the right to refuse members. As a result they can be very restricted. They might not allow animals, children, or even mortgages, so before investing find out everything you can about the co-op.
• Lending difficulties: because there are relatively few co-ops, not many lenders will lend for co-ops. Those that do generally have different requirements and rates, so begin your search early.
• More time: because the co-op must sign off on any transfers, give yourself a little more time to complete the transaction.
So, if you have found your perfect home and it happens to be a co-op, surround yourself with a team of professionals that have experience working with co-ops.
Contact us
The term “Co-op” can be used to describe subsidized housing, or cooperative housing. However, Apartment Corporations are also referred to as “Co-ops”. These Co-ops are essentially corporations that own land. The shareholders of the corporation own shares associated with specific units in the building. So, an owner of a Co-op doesn’t actually own any land, they own shares in a corporation.
So how is buying a Co-op different than buying a regular strata titled property? Well it depends. Because these co-ops are corporations, every one is different with their own systems and processes. In some Co-ops, Property Transfer Tax (PTT) will never be payable and in others PTT will be payable on every transfer. It just depends on how the corporation decided to register its ownership of the title, when it first acquired it.
However with all Co-ops (apartment corporations), buyers should be prepared for the following:
• More closing costs: There will likely by double the legal fees at closing, because the co-op will have its own lawyer. So you will be paying for your own lawyer/notary and the co-ops lawyer.
• Co-ops have rules: the corporation must approve and sign off on any transfer of shares, they have the right to refuse members. As a result they can be very restricted. They might not allow animals, children, or even mortgages, so before investing find out everything you can about the co-op.
• Lending difficulties: because there are relatively few co-ops, not many lenders will lend for co-ops. Those that do generally have different requirements and rates, so begin your search early.
• More time: because the co-op must sign off on any transfers, give yourself a little more time to complete the transaction.
So, if you have found your perfect home and it happens to be a co-op, surround yourself with a team of professionals that have experience working with co-ops.
Contact us
Our unique approach to Business
October 27th, 2011 Bell Alliance Group has a unique approach to the practice of law – three companies standing strong. Bell Alliance Lawyers & Notaries Public specializes in Real Estate, Estate Planning and Business Law. With the recent launch of Bell Alliance Global, we now have immigration consultants that will guide you through your new journey to Canada. Whether you want to live, work or study in Canada, we can help. What no other law firm offers is our unique in-house production studio.
Bell Alliance Studios works with clients to develop educational and marketing videos and to promote video marketing as an essential tool for internet marketing and enhanced search engine optimization. For instance, Pitch Flix is a product created by Bell Alliance Studios.
Pitch Flix are 1-2 minute ‘elevator pitches’ on video. These short, professionally produced videos can be attached to your email, website and social media sites or used for business presentations, job interviews or online profiles.
We can get your website working harder for you. Remember, you only have one opportunity to make a first impression with your potential clients, so add a video to your website and see the results.
Bell Alliance Studios is offering a complimentary consultation and a 20% discount if you do your Pitch Flix with us in the first quarter of the new year (starting January 1, 2012).
Offer valid until March 31 2012.
At this time, our talented producer is working along side the Down Syndrome Foundation to create educational videos that teach educators how to interact with children coping with developmental disabilities and Down Syndrome .
Bell Alliance Studios works with clients to develop educational and marketing videos and to promote video marketing as an essential tool for internet marketing and enhanced search engine optimization. For instance, Pitch Flix is a product created by Bell Alliance Studios.
Pitch Flix are 1-2 minute ‘elevator pitches’ on video. These short, professionally produced videos can be attached to your email, website and social media sites or used for business presentations, job interviews or online profiles.
We can get your website working harder for you. Remember, you only have one opportunity to make a first impression with your potential clients, so add a video to your website and see the results.
Bell Alliance Studios is offering a complimentary consultation and a 20% discount if you do your Pitch Flix with us in the first quarter of the new year (starting January 1, 2012).
Offer valid until March 31 2012.
At this time, our talented producer is working along side the Down Syndrome Foundation to create educational videos that teach educators how to interact with children coping with developmental disabilities and Down Syndrome .
Buying a Condo? Don’t Forget Insurance!
October 18th, 2011 I constantly hear buyers of condos saying they don’t need to buy “contents” insurance as they don’t have “stuff” of much value. BIG MISTAKE!
There are two types of insurance when you are buying a condo or any strata titled property including townhouses and duplexes: a Master Policy and an Owner’s Policy.
The Master Policy covers the entire complex and insures against fire, water damage, public liability for the common property, perhaps earthquake, etc. This insurance is paid for as part of your strata fees. As with detached homes if you have a mortgage your lender will be added as a “loss payee” under the policy which provides your mortgage lender additional security in the event of loss or damage to your strata unit or the complex.
So what’s the big deal about an Owner’s Policy? An Owner’s Policy covers not only an owner’s contents but perhaps more importantly it includes the following coverage:
• Damage to any improvements that were made subsequent to the original construction of the unit;
• Additional living expenses if an owner needs to move from their unit while repairs are being made in the event of an insured loss;
• Payment in full or part of any deductibles payable in the event of a claim under the Master Policy;
• And most importantly in the event any claims under the Master Policy are as a result of negligence by a strata owner your Owner’s Policy will pay all or a portion of the damages.
It is important to note that a “betterment” clause will have to be included to cover damage to any renovation upgrades that were made subsequent to the original construction of the unit. The last item of coverage is critically important. The major cause of claims under Owners’ Policies is due to water damage caused by the negligence of an owner – often as a result of an overflowing bathtub or renovations gone wrong. In the past year at least three of our clients caused water damage to adjacent units. In one situation it involved a significant number of units. Two of our clients had obtained an Owner’s Policy and although there was great stress and inconvenience most of the damage was covered under their Owner’s Policy. The owner who did not have coverage ended up writing a very large cheque to pay for damage to an adjacent unit and common property.
So don’t delay – if you are buying a strata titled property make sure you get an Owner’s Policy effective as of the completion or closing date.
Your new home is your biggest asset – make sure you protect it and yourself.
There are two types of insurance when you are buying a condo or any strata titled property including townhouses and duplexes: a Master Policy and an Owner’s Policy.
The Master Policy covers the entire complex and insures against fire, water damage, public liability for the common property, perhaps earthquake, etc. This insurance is paid for as part of your strata fees. As with detached homes if you have a mortgage your lender will be added as a “loss payee” under the policy which provides your mortgage lender additional security in the event of loss or damage to your strata unit or the complex.
So what’s the big deal about an Owner’s Policy? An Owner’s Policy covers not only an owner’s contents but perhaps more importantly it includes the following coverage:
• Damage to any improvements that were made subsequent to the original construction of the unit;
• Additional living expenses if an owner needs to move from their unit while repairs are being made in the event of an insured loss;
• Payment in full or part of any deductibles payable in the event of a claim under the Master Policy;
• And most importantly in the event any claims under the Master Policy are as a result of negligence by a strata owner your Owner’s Policy will pay all or a portion of the damages.
It is important to note that a “betterment” clause will have to be included to cover damage to any renovation upgrades that were made subsequent to the original construction of the unit. The last item of coverage is critically important. The major cause of claims under Owners’ Policies is due to water damage caused by the negligence of an owner – often as a result of an overflowing bathtub or renovations gone wrong. In the past year at least three of our clients caused water damage to adjacent units. In one situation it involved a significant number of units. Two of our clients had obtained an Owner’s Policy and although there was great stress and inconvenience most of the damage was covered under their Owner’s Policy. The owner who did not have coverage ended up writing a very large cheque to pay for damage to an adjacent unit and common property.
So don’t delay – if you are buying a strata titled property make sure you get an Owner’s Policy effective as of the completion or closing date.
Your new home is your biggest asset – make sure you protect it and yourself.
Launch of Bell Alliance immigration consulting services
August 9th, 2011 After many requests from clients and referral partners Bell Alliance is pleased to announce the launch of our immigration consulting services. New immigrants coming to Canada are often in need of legal services in the areas of real estate, business law and estate planning so the immigration consulting service is a natural extension of our practice. Currently this service is available only for B.C. but we will be opening offices in Burlington and Toronto in September.
There have been some significant recent changes in government immigration programmes and policies which impact people looking to settle in Canada. The federal government entrepreneur program was recently suspended and the investor programme has been capped with no new applications being accepted until July 2012.
The federal government remains absolutely committed to immigration but they are focused primarily on skilled workers and students who, upon completion of their studies, wish to work and settle in Canada. The government recognizes the future challenges associated with the ageing workforce and is intent on expanding the younger workforce in part through immigration.
There have been some significant recent changes in government immigration programmes and policies which impact people looking to settle in Canada. The federal government entrepreneur program was recently suspended and the investor programme has been capped with no new applications being accepted until July 2012.
The federal government remains absolutely committed to immigration but they are focused primarily on skilled workers and students who, upon completion of their studies, wish to work and settle in Canada. The government recognizes the future challenges associated with the ageing workforce and is intent on expanding the younger workforce in part through immigration.
Bell Alliance Fashion Soiree
April 20th, 2011 Thank you for all who attended the Bell Alliance Fashion Soiree.
To view photos from the show please follow the link below: The Bell Alliance Fashion Show
Welcome to the new Bell Alliance Website
September 7th, 2009 Welcome to our new website. It is a little different than our last one and vastly improved. Please take your time to look through the site and if you have any questions or comments then please feel free to get in touch.