
The best estate plans are custom-made and align family dynamics, tax efficiency, and financial flexibility. They are designed to transfer wealth to the next generation in a way that minimizes risk, tax, and litigation exposure.
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In our previous article about Adult Guardianship and Committeeship in British Columbia, we explored how the court appoints a committee for individuals who have not executed a Power of Attorney or Representation Agreement and now need assistance managing their own financial or medical affairs.
The individuals who apply to be a committee obviously have the best interest of the person they wish to help at heart. However, as it is a court appointment, committee members are monitored to ensure fairness and accountability via the Public Guardian and Trustee of British Columbia.
Notably, committee members must respect the rules and guidelines set by the Patients Property Act, the Public Guardian and Trustee Act, and the Trustee Act. Applications for committeeship must be submitted to the Public Guardian and Trustee of British Columbia (the “PGT”) for review and comments. Once appointed, the committee continues to have its annual records and activities monitored by the PGT, for a fee of approximately $500 annually.
In addition, the PGT:
In addition to assisting with committees for individuals who are incapable and have no Power of Attorney or Representation Agreement, the PGT also has a mandate to:
Fees are in the typical range of 3-5% of the estate being managed.
Some clients mistakenly believe that the PGT is a free government alternative to not naming someone to be an Attorney under a Power of Attorney or Representative under a Representation Agreement. This is incorrect, as the fee schedule tends to be in the higher range compared to what most individuals would charge.
Along with cost, another drawback is time delay to accommodate the PGT’s process for taking over someone’s affairs. This will be a critical issue if timely intervention is crucial.
Lastly, when it comes to personal care specifically, an institution like the PGT may not be able to provide the most individualized assistance. The PGT primarily focuses on financial and legal decision-making and although the case workers try their best, they manage multiple families at once. They would not also be the full range of that individual’s personal care needs or family dynamics.
For capable clients, they should execute a Representation Agreement, which is a far more efficient and less costly way of ensuring that there is a legal representative appointed to take care of your health care decision, and a Power of Attorney for financial affairs.
In either case, we invite you, as always, to chat with us.
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