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Four Key Duties of a Fiduciary

15 bytes removed, 17:00, 20 March 2018
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When your friend Martina names you as her attorney under an enduring power of attorney, you must:
# Act honestly, in good faith and in Martina's best interest. # Manage Martina's money and property carefully.# Act within the authority you are given and within the law.# Keep good records.
==Duty 1. Act honestly, in good faith and in Martina's best interest==
[[File:Managing Someone Else's Money-Contents-2.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]
Your list might include:
* chequing and savings accounts * cash * investments such as any Guaranteed Investment Certificates (GICs), stocks, bonds, Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs) * real estate * cars and other vehicles * insurance policies * trusts for which Martina is a beneficiary * jewelry, furniture, and any other items of value * unpaid credit card bills and other outstanding loans
===Make sure bills are paid and finances are in order===
{{PLSTipsbox
| text = Know how to sign as attorney. Sign all cheques and other documents relating to Martina’s money or property to show that you are Martina’s attorney. Never just sign “Martina Roe”. For example, you might sign:
:“Juan Doe, as attorney under power of attorney for Martina Roe.”
}}
Under [http://canlii.ca/t/8p5w the law], an attorney under an enduring power of attorney has a duty to keep these records:
* A current list of Martina’s property and liabilities. This includes an estimate of their value if it is reasonable to do so.* Accounts and other records showing how you have exercised your authority under the enduring power of attorney.* All invoices, bank statements and other records to keep track of money you have spent or received on behalf of Martina.
===Practice good record-keeping habits===
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