This assignment will have 10 questions, each with an equal weighting. 1: If someone wishes someone...

Transcribed Image Text:

This assignment will have 10 questions, each with an equal weighting. 1: If someone wishes someone to act on their behalf while alive, but also after they pass away (to administer the estate), they could appoint a continuing power of attorney. This would serve both functions through one legal document. True/False 2: Derek would like someone to look after his financial affairs in Toronto while he's on a two-year work assignment in Singapore. He doesn't need require the POA once he returns. What type of POA would be most appropriate? 3: What characteristics make the ideal POA? 4: Power of Attorney legislation is governed by the Federal Government of Canada. 5: Stacey 55 years old, has a lot of wealth and owns many properties both inside, and outside of, Canada. Additionally, she is the owner of more than one successful business. She has a son, Raymond, who is 17 years old and finishing high- school early due to being a mastermind when it comes to finance. Her sister, Jennifer is travelling expensively but shares many of the same views as Stacey on most matters, including finance. Her Father is in his early 80's and is a retired accountant with extensive knowledge of the law. If Stacey was to set up a Continuing POA to manage her affairs, who would be a good fit? 6: Describe a situation whereupon an advance care directive would be useful. 7: Never tell anyone where your POA document is! True/False? 8: If someone wants to set up more than one POA, of whom can act independently from each other to make decisions, what kind of POA would be ideal? 9: Versus question 8, if someone wanted to set up a second POA that comes into effect if the first POA is incapacitated, what is an ideal option? 10: Jeremy, 41, is with his adult son Frederick (22) who is, once again, completely intoxicated. Frederick has spent an entire paycheck on partying and gambling. Jeremy, caring a great deal for Frederick, has decided that he wants to set something up so that he can act in Frederick's best interests. He discusses it with Frederick now and gets his lawyer to draft up a document - their neighbors witness it. The next morning when Frederick sobers up, he regrets authorizing it, but his father explains it's for the best. Is this POA valid? Why or why not? Open Word This assignment will have 10 questions, each with an equal weighting. 1: If someone wishes someone to act on their behalf while alive, but also after they pass away (to administer the estate), they could appoint a continuing power of attorney. This would serve both functions through one legal document. True/False 2: Derek would like someone to look after his financial affairs in Toronto while he's on a two-year work assignment in Singapore. He doesn't need require the POA once he returns. What type of POA would be most appropriate? 3: What characteristics make the ideal POA? 4: Power of Attorney legislation is governed by the Federal Government of Canada. 5: Stacey 55 years old, has a lot of wealth and owns many properties both inside, and outside of, Canada. Additionally, she is the owner of more than one successful business. She has a son, Raymond, who is 17 years old and finishing high- school early due to being a mastermind when it comes to finance. Her sister, Jennifer is travelling expensively but shares many of the same views as Stacey on most matters, including finance. Her Father is in his early 80's and is a retired accountant with extensive knowledge of the law. If Stacey was to set up a Continuing POA to manage her affairs, who would be a good fit? 6: Describe a situation whereupon an advance care directive would be useful. 7: Never tell anyone where your POA document is! True/False? 8: If someone wants to set up more than one POA, of whom can act independently from each other to make decisions, what kind of POA would be ideal? 9: Versus question 8, if someone wanted to set up a second POA that comes into effect if the first POA is incapacitated, what is an ideal option? 10: Jeremy, 41, is with his adult son Frederick (22) who is, once again, completely intoxicated. Frederick has spent an entire paycheck on partying and gambling. Jeremy, caring a great deal for Frederick, has decided that he wants to set something up so that he can act in Frederick's best interests. He discusses it with Frederick now and gets his lawyer to draft up a document - their neighbors witness it. The next morning when Frederick sobers up, he regrets authorizing it, but his father explains it's for the best. Is this POA valid? Why or why not? Open Word