Accounts and Records to be Kept by Property Attorney


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Prepared by Norman Pickell, a lawyer based in Goderich, Ontario, who prepares Powers of Attorney and provides legal advice concerning the same.
 

Definitions:

"Grantor" - the person who appoints someone else to manage and handle his/her finances and other property

"Attorney" - the person(s) (including a Trust Company) chosen to manage and handle someone else's finances and property

Pursuant to the Laws and Court Rules in Ontario, Property Attorneys are required to keep proper and accurate Records and Accounts in the handling of the assets of the Grantor. Those Records and Accounts must include the following:

 1.

A copy of the Power of Attorney for Property.

 2. A copy of any Court Orders relating to the Attorney's authority or to the management of the Grantor's assets.
 3. A list of all of the assets and debts of the Grantor as of the date of the first transaction by the Attorney.
 4.  An ongoing list of assets acquired and disposed of on behalf of the Grantor, including the date of acquisition or disposition and from or to whom the asset is acquired or disposed.
 5.  An ongoing list of all money received on behalf of the Grantor, including dates, particulars and amounts.
 6.  An ongoing list of all money paid out on behalf of the Grantor, including dates, particulars and amounts.
 7.  An ongoing list of all investments made on behalf of the Grantor, including dates, particulars and amounts.
 8.  An ongoing list of all of the debts incurred and discharges on behalf of the Grantor, including dates, particulars and amounts.
 9.  A statement of the compensation taken by the Attorney, including the amount, date and method of calculation.
10. All money received by the Attorney, whether in cash, cheque or some other form, should be deposited into the bank account that the Attorney is administering.
11. All payments by the Attorney should be by way of cheque.
12. All receipts need to be kept to prove that the payments were necessary.
13. The Accounts that the Attorney keeps may have to be scrutinized and approved by a Judge.
14.

It is preferable to have the Accounts in a typed format, since they may have to be photocopied and sometimes circulated to many different persons and agencies. (In fact, if the Accounts are required to go before a Judge for scrutiny - and this is something that you will not know when you commence the task of keeping the Accounts, they will have to be typed.)

 

Some law firms, including Norman Pickell's, have a special computer program that can assist the Attorney in the preparation of the Accounts.


 

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Norman B. Pickell  Lawyer - Mediator - Arbitrator  58 South Street, Goderich, Ontario N7A 3L5  Telephone (519) 524-8335   Fax (519) 524-1530