What does an attorney for property have to do?
Question & AnswerWhat does an attorney for property have to do?
3. Find out about assets and expenses
As an attorney for property, you need to know what the person has. Assets are things a person owns, such as:
- cash or money in bank accounts
- investments, such as registered retirement savings plans (RRSPs)
- life insurance policies
- personal property, such as:
- cars or trucks
- collections of things, for example, coin, cards, and artwork
- furniture and other household items
- online assets, such as PayPal, eBay, and loyalty reward programs like Aeroplan miles
You also need to know about the person’s expenses and . This includes bank loans, credit cards, mortgages, tax documents, and any contracts or agreements, such as a rental agreement or a car lease.
As the attorney for property, you must pay:
- expenses needed for their support, education, and care
- expenses needed for the support, education, and care of any dependants they have, for example, children younger than 18
- payments on debts that they owe, such as credit cards, taxes, loans, or mortgages
Find out about any will
Find out if the person has a will and understand what it says. Most wills are complicated and not easy to understand. So, if you’re not sure, talk to a lawyer.
If the will makes a or to someone, make sure you don’t sell or give away that gift.
Selling property to pay debts
You must spend money on things that are necessary to support the person, for example, housing and food. If they don’t have enough money to pay their expenses or debts, you may have to sell some of their assets.
Giving charitable donations, gifts, or loans
If you’re thinking of making charitable donations, gifts, or loans with the person’s money, the rules are complicated. So it’s a good idea to get financial advice or talk to a lawyer.