Prepare to delegate responsibility for your finances
For many people that plan translates into a Power of Attorney, which designates one or more individuals to handle their affairs on their behalf. They can be family members or friends, but also professionals (such as a lawyer or a trust company), particularly if their finances are complex. Since a Power of Attorney grants significant power, it is important to find a person who is trustworthy and competent in financial management.
Before doing anything, consult a notary or a lawyer for a better understanding of the principles, risks and advantages of a Power of Attorney, as well as the specific regulations that apply in your province or territory. Your financial institution will be able to tell you how it handles Powers of Attorney and whether or not it has specific requirements in this regard.
Few of us look forward to no longer being able to handle our finances ourselves. However, by preparing yourself for this possibility, you will have peace of mind in knowing that your affairs are managed according to your wishes, and that those who are close to you are not caught off guard.
For more information, please visit the www.Seniors.gc.ca site or go to the Service Canada Centrethat is closest to your home.
More information is available on the Financial Consumer Agency of Canada site at www.itpaystoknow.gc.ca.
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