Overview

Setting up a power of attorney (POA) on your Wealthsimple profile provides your attorney with sole access and authority over the management of your profile. The person you name as your POA will have full discretion concerning the management of your money within your Wealthsimple profile.

At this time, once a POA is established, you'll no longer have access to your profile, as the attorney will have sole access going forward. As part of the setup process, you'll need to acknowledge that access will be granted solely to the attorney.

If you prefer for the attorney to have access only in the event of future incapacity, they'd need to contact us at that time. We're unable to set up a POA in advance under those conditions.

POA eligibility

Wealthsimple accepts POA requests only for clients who meet all of the following criteria:

• Are enrolled in the Wealth Management program, where you'll work directly with an advisor
• Hold fully managed accounts (no trading or chequing accounts)
• Have completed all required POA documentation

This policy ensures that any transactions made under a POA are aligned with the client's best interests.

We can accept POAs for incapacitated clients, but they'd have to meet the above-stated requirements within 30 days or transfer to another institution.

If you have any further questions, please contact our support team.

Choosing a POA

If you'd like to set up a POA, you should ask someone you trust. You may choose your spouse, a close friend, or a family member. Carefully consider whether they're the best choice to manage your money, and do so in your best interest.

Types of POAs

There are two different types of POAs that you can set up:

• General power of attorney

  This is a legal document that grants your attorney authority over all or specific aspects of your finances and property. It allows your attorney to manage your finances on your behalf only while you're mentally capable. The authority granted ends if you become mentally incapable of managing your own affairs.

  A general power of attorney can be categorized as "specific" or "limited," providing authority for a defined task (such as selling a house) or for a designated period. It may take effect immediately upon signing or on a specific date outlined in the document.

• Enduring or continuing power of attorney

  This is another legal document that allows your attorney to act on your behalf, including if you become mentally incapable of managing your finances and property. This document can be used while you are still mentally capable, not only in the event of incapacity.

  Similar to the general power of attorney, it can grant authority over all or some of your financial matters.

  An enduring or continuing power of attorney typically takes effect as soon as you sign it. However, in certain situations, it can be structured to activate only when you become mentally incapable, provided this condition is specified in the document.

Setting up a POA

We'll need you to let us know the nature of your relationship, as well as the following information about the POA:

• Full name
• Email address
• Residential/mailing address
• Telephone number
• Date of birth
• Occupation
• Relationship to the donor

To name a POA or name yourself as a POA, you must contact our support team to provide us with the above information.

We can set this up for you on the back end, as long as you and your attorney can share your original or notarized POA legal documents with us. You can upload a scan/copy of your POA legal documents to your profile by logging in using the secure link.

POA documentation needed

For donors who have capacity, we need:

• An electronic copy (non-notarized or notarized) of the power of attorney
• A signed letter of attorney (we'll send this to you after you reach out to us)

For donors who are incapacitated, we need the following documents to be mailed to our office:

1. We accept only physical certified true copies of the power of attorney. This requires you to have a notary review the copy of the power of attorney and certify it's a true copy.
   • We don't accept original POAs (only certified true copies), as we won't return the certified true copy to you.
2. We also need a medical note from a medical professional indicating that the donor cannot manage their financial affairs.

Office address: 80 Spadina Avenue, 2nd Floor, Toronto, ON, M5V 2J4