Assignment Part I: Powers of Attorney
Q1. What is the significance of the word "continuing" as it relates to a power of attorney for property and why is it not used in connection with a power of attorney for personal care?
Q2. What happens to a power of attorney when the grantor of a power of attorney dies?
Q3. Do powers of attorney for property or personal care have to be in a "prescribed form" to be valid in Ontario?
Q4. What are the formal requirements of a power of attorney for property and a power of attorney for personal care?
Q5. When does a power of attorney for property normally take effect?
Q6. Why may it be inadvisable to provide in a power of attorney for property that it is to take effect if the grantor becomes incapable of managing her property?
Q7. Can a person named as an attorney refuse to act?
Q8. Is it possible that a person who is incapable of managing property is still capable of granting a power of attorney for property? Explain.
Q9. What five categories of persons cannot be a witness to a power of attorney for property or personal care?
Q10. If two or more attorneys are named to act "jointly and severally" what does "jointly" mean and what does "severally" mean?
Assignment Part II: Trusts
Q1. Define the following terms or concepts:
- inter vivos
- settlor
- fiduciary
- cestui que trust
- vested
- contingent beneficiary
- unascertained beneficiary
Q2. When it comes to income tax law, why is a trust usually, but incorrectly, characterized as a legal entity?
Q3. Who is the legal owner of the trust property?
Q4. Who is the beneficial owner of the trust property?
Q5. Identify two types of trust documents.
Q6. A trustee is said to have a fiduciary duty to a beneficiary. Explain.
Q7. Describe the three certainties of a trust.
Q8. Which certainty may be relaxed in the case of a charitable trust?
Q9. What, stated very generally, is the purpose of the rule against perpetuities?
Q10. What is meant by the term "life in being"?