CAW, Ford reach deal
St. Thomas plant to close but Oakville will get new vehicles
Your will establishes who will receive your bequests after you die. It also includes the name of the person you have selected to be your executor (or personal representative) — the person who will be legally responsible for carrying out your wishes as set out in your will. But what happens if you become incapacitated prior to your death?
Your will has no effect in that case – so you need another form of protection and direction — and that’s what a power of attorney for property does. You select your attorney for property (it can be the person you named as executor or someone else) who will act on your behalf in respect of your finances. The powers granted to an attorney for property vary according to your province/territory and the terms of the document.
They generally include paying your bills, managing your real estate and other investments, filing your tax returns and paying your taxes, signing documents on your behalf, mortgaging or selling your home, and managing your accounts, safety deposit boxes and other banking needs.
Power of attorney for personal care
Sometimes called a health-care proxy, a health care directive, or living will, your power of attorney for personal care is your substitute decision-maker for your wishes regarding your future health or medical care including giving or refusing consent to specified kinds of treatment such as saying yes or no to life support treatment that would artificially sustain or prolong life.
Most provinces now have legislation allowing the designation of a power of attorney for personal care but not all provide that the decisions of the proxy are ‘ binding’.
Even in jurisdictions where the decisions of the proxy are binding, it can be overridden by certain cir- cumstances such as medical or technological advances that render an instruction inappropriate.
You should draft your powers of attorney very carefully, in accordance with your precise wishes and provincial/territorial legislation.
Include your lawyer in their preparation — and your family physician for your living will — and make your professional adviser a part of your team — the quarterback who will make sure all your estate planning strategies make sense for you. TORONTO — The Canadian Auto Workers union has reached a cost-cutting deal with Ford Canada that will give the company lower operating costs and guarantee two new vehicle programs for the automaker’s major Canadian assembly plant just west of Toronto.
However, the deal will also see Ford go ahead with plans announced earlier to close its 1,400-employee plant in St. Thomas, Ont., which makes full-sized cars no longer in demand.
“Despite years of efforts by our union... despite lobby, despite protest, despite hard work and first-class quality and productivity, despite all that, Ford is insisting the St. Thomas plant will close in September 2011,” CAW president Ken Lewenza told a news conference announcing the deal Friday.
However, he added that the union negotiated “the best possible closure package they could” for St. Thomas employees, which will cost Ford approximately $400 million. In addition, early retirements will be offered to senior employees at other plants between now and 2011 in an attempt to open up positions for younger St. Thomas workers.
Ford said it wouldn’t comment on the agreement until after employees vote on it this weekend, saying only that it “would help Ford improve its competitiveness in Canada.”