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Family Business Succession

Behold, the Powers of Attorney!

By Maureen T. McKay

One upon a time, I had a client named Jack, whose mother had granted him a Power of Attorney (“POA”).  Some years later, Mom’s capacity became questionable. Jack’s sister, Jill, wanted to have Mom create a new POA in her favour that would terminate Jack’s POA. The future of a family business hung in the balance. Someone was likely to come tumbling down the hill. The dispute made quite a few family members unhappy, and quite a few lawyers a lot of money.