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Answered in 6 minutes by:
1/19/2010
D.A.M., Lawyer
Category: Canada Law
Satisfied Customers: 2,762
Experience: Cross-Border (US/Canada) Lawyer
VerifiedHello,
A lot will depend on how the POAs are written. If it provides that you and her daughter must both agree then both will need to sign/execute. However, if it provides that either of you can act, then any one of you can make those decisions. (Generally look to language indicating exclusivity or joint action).
Joint POAs are generally complicated in practice (the preferred method is to have a primary POA and a secondary one in the event that the primary is unavailable).
However, generally speaking, a General POA has the right to act for the subject (your mother in-law) and access their funds for their purposes. Ownership of the money and assets remains with the subject, however, so at no time can the POA use assets/funds of the subject for their own personal gain.
What Province are you in? It may be a good idea to meet with a local lawyer to take a look at the POA and, if necessary, have another drawn up that can more succinctly address the subject's intention.
Regards,
A lot will depend on how the POAs are written. If it provides that you and her daughter must both agree then both will need to sign/execute. However, if it provides that either of you can act, then any one of you can make those decisions. (Generally look to language indicating exclusivity or joint action).
Joint POAs are generally complicated in practice (the preferred method is to have a primary POA and a secondary one in the event that the primary is unavailable).
However, generally speaking, a General POA has the right to act for the subject (your mother in-law) and access their funds for their purposes. Ownership of the money and assets remains with the subject, however, so at no time can the POA use assets/funds of the subject for their own personal gain.
What Province are you in? It may be a good idea to meet with a local lawyer to take a look at the POA and, if necessary, have another drawn up that can more succinctly address the subject's intention.
Regards,
D.A.M., Lawyer
Category: Canada Law
Satisfied Customers: 2,762
Experience: Cross-Border (US/Canada) Lawyer
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