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Difference between revisions of "Four Key Duties of a Fiduciary"
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Four Key Duties of a Fiduciary (view source)
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You must also follow these six guidelines set out under [http://canlii.ca/t/849l the law]. | You must also follow these six guidelines set out under [http://canlii.ca/t/849l the law]. | ||
=== | ===Give priority to Martina’s health and personal care needs=== | ||
To the extent reasonable, when managing Martina’s financial affairs, give priority to meeting her personal care and health care needs. Make sure she is safe and comfortable, and her needs are met. Put her well-being above saving money for others who may inherit her money and property. | To the extent reasonable, when managing Martina’s financial affairs, give priority to meeting her personal care and health care needs. Make sure she is safe and comfortable, and her needs are met. Put her well-being above saving money for others who may inherit her money and property. | ||
=== | ===Invest carefully=== | ||
Under [http://canlii.ca/t/84f1 the law] in BC, when investing Martina’s property, you must “exercise the care, skill, diligence and judgment that a prudent investor would exercise”. This is a high standard. The exception to this rule is if the enduring power of attorney document says something different. | Under [http://canlii.ca/t/84f1 the law] in BC, when investing Martina’s property, you must “exercise the care, skill, diligence and judgment that a prudent investor would exercise”. This is a high standard. The exception to this rule is if the enduring power of attorney document says something different. | ||
If you make investment decisions for Martina, talk to a financial professional. The BC Securities Commission‘s [https://www.investright.org investRIGHT website] provides tips on investing and knowing your financial advisor. Discuss choices and goals for investing based on Martina’s needs and values. | If you make investment decisions for Martina, talk to a financial professional. The BC Securities Commission‘s [https://www.investright.org investRIGHT website] provides tips on investing and knowing your financial advisor. Discuss choices and goals for investing based on Martina’s needs and values. | ||
=== | ===Foster Martina’s independence and involvement in decisions=== | ||
As Martina’s attorney, you have a legal duty, to the extent reasonable, to foster her independence and encourage her involvement in any decision-making that affects her. | As Martina’s attorney, you have a legal duty, to the extent reasonable, to foster her independence and encourage her involvement in any decision-making that affects her. | ||
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A “[http://seniorsfirstbc.ca/for-professionals/supported-decision-making/gradual-counselling/ gradual counselling]” approach might help Martina. In this approach, you clarify and reflect her thoughts and feelings. You help her to recognize the pros and cons of various options, and how they relate to her goals and values. | A “[http://seniorsfirstbc.ca/for-professionals/supported-decision-making/gradual-counselling/ gradual counselling]” approach might help Martina. In this approach, you clarify and reflect her thoughts and feelings. You help her to recognize the pros and cons of various options, and how they relate to her goals and values. | ||
=== | ===Avoid changing Martina's plans for her property when she dies=== | ||
If any of Martina’s property is part of a specific gift in her will, you should not dispose of this property unless necessary to meet your duties as her attorney. | If any of Martina’s property is part of a specific gift in her will, you should not dispose of this property unless necessary to meet your duties as her attorney. | ||
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}} | }} | ||
=== | ===Allow Martina to access her property=== | ||
To the extent reasonable, keep Martina’s personal effects at her disposal. | To the extent reasonable, keep Martina’s personal effects at her disposal. | ||
=== | ===Keep Martina’s money and property separate=== | ||
Never mix Martina’s money or property with your own or someone else’s. There are two exceptions to this rule: if the property is owned jointly, or the enduring power of attorney document says you can. | Never mix Martina’s money or property with your own or someone else’s. There are two exceptions to this rule: if the property is owned jointly, or the enduring power of attorney document says you can. | ||
