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 account. The person you name as your POA will have full discretion concerning the management of your money within your Wealthsimple account.

At the moment, we can't configure your account so that both you and the person you've granted power of attorney have access at the same time. This means you must advise if account access should be provided to the donor or to the attorney, and we'll configure the account as such.

Choosing a POA

If you would 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 are the best choice to manage your money, and do so in your best interest.

Types of POA

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 are 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 even if you become mentally incapable of managing your finances and property. 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 get in contact with our client 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:

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

For donors who are incapacitated, we need:

• We accept only physical certified true copies (mail) of the power of attorney. This requires you to have a notary review the copy of the power of attorney and certify it is a true copy.
  • We do not accept original POAs, only certified true copies, as we will not return this certified true copy to you.
• We also need a medical note from a medical professional indicating that the client cannot manage their financial affairs (electronic)

If you have any questions about creating the necessary documentation, we recommend contacting a legal professional or estate planner for help.

Once we have the above documentation, our support team may ask you to fill out a supplemental form to complete the process.