Overview
A Power of Attorney (POA) grants another individual access to and the ability to manage your OneVest investment profile on your behalf. Designating a POA to your profile is optional, and you can make or withdraw your request by submitting a formal request to OneVest's support team.
It’s important to note that designating a POA is a significant legal decision that requires careful consideration. OneVest is not able to provide legal advice on this matter, so we recommend consulting a legal professional to understand the potential impact on your legal situation.
When you designate a POA on your profile, the POA will have full discretion with regards to the management of the funds within your accounts.
A POA designation is distinct from opening a joint account (where available), designating a beneficiary, or setting a successor annuitant for TFSAs.
There are two (2) types of POA statuses that you can set up on your OneVest investment profile:
- General Power of Attorney: This allows the POA to manage your finances on your behalf while you are mentally capable. The POA status ends if you become mentally incapable of managing your own affairs.
- Enduring Power of Attorney: This allows the POA to manage your finances on your behalf in case you anticipate losing the mental capability to manage your finances in the future. You must be mentally capable of understanding the nature and effect of the enduring POA when making this decision.
Considerations
Here are some important considerations to keep in mind when submitting a POA request for your OneVest profile:
- Not all POA requests will be granted. Each request is subject to review on a case-by-case basis.
- The POA must be notarized for your request to be accepted for review.
- The POA must be witnessed by two individuals who meet the necessary legal criteria.
- Witness Restrictions: POA witnesses cannot be the named Attorney, the Attorney’s spouse or partner, the donor’s spouse or partner, their child, or anyone under the age of 18.
How to Designate a POA on Your Profile
To designate a POA on your OneVest profile, please follow the steps below:
Step #1: Submit Your Request
To designate a POA on your profile, you can either:
- Declare it during your profile creation, or
- Submit a formal request to OneVest's support team after creating your profile.
Step #2: Provide the Required POA Information
Once you’re in touch with the support team, you will be asked to provide the following information about your POA:
- The status of POA (General or Enduring)
- Your relationship with the POA
- Full name of the POA
- Email address of the POA
- Residential/mailing address of the POA
- Phone number of the POA
- Date of birth of the POA
- Occupation of the POA
Additionally, the following documents will be required:
- Legal POA document
- Letter of Attorney
- Proper identification from both you (the Donor) and the POA to meet Anti-Money Laundering (AML) requirements (e.g., Canadian government-issued photo ID such as a passport or driver’s license)
If you have questions about creating the necessary POA documentation, we recommend reaching out to a legal professional or estate planner.
Step #3: Wait for Approval
Once you have submitted your POA request for review, please wait for approval from the OneVest team. You will be notified of your request status via email and informed whether any further action is required.
How to Remove a POA from Your Profile
To remove a POA from your OneVest profile, please follow the steps below:
Step #1: Submit Your Request
To remove a POA from your profile, submit a formal request to OneVest's support team for review. The request must include a written statement of revocation, signed and witnessed by two individuals (similar to the initial POA process).
Step #2: Complete the Required Documentation
A support team member will follow up to ensure that all required documentation and information are complete.
Step #3: Wait for Confirmation
Once your POA removal request has been reviewed, you will receive a confirmation email, detailing whether further action is needed.
Frequently Asked Questions
1. Is it required to designate a POA for my OneVest investment profile?
No, designating a POA for your OneVest investment profile is not mandatory. It’s a voluntary decision, and you can make or withdraw your request at any time.
2. What if I don’t have all the required legal documentation for my POA?
If you need assistance with creating the required POA documentation, we recommend contacting a legal professional or estate planner.
3. Can I designate a POA in the future if I don’t want to do it now?
Yes, you can submit a formal request to designate a POA for your OneVest profile at any time in the future.
4. Does a POA designation mean my accounts will become joint accounts?
No, a POA designation does not convert your account into a joint account. The account types will remain the same, but decisions regarding account activity will be made by the POA on your behalf.
5. How long does it take to designate or remove a POA?
Since each case is individually reviewed, timelines may vary. Generally, you can expect an update within 8-12 business days.
6. Are there any fees associated with having a POA on my profile?
No, there are no fees associated with designating or removing a POA on your OneVest profile.
Disclaimer:
Manzil Invest is a strategic partnership between Manzil and OneVest Management Inc (“OneVest”). OneVest offers wealth management products and services to Manzil customers. OneVest Management Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your OneVest accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). OneVest Management Inc. is a wholly-owned subsidiary of OneVest Technologies Inc. All trademarks are the property of their respective owners. OneVest will determine what investments are suitable for you.