Hagel Lawfirm
Menu Contact

Contact Today For Experienced Representation

Local 647-931-4244
Toll Free 1-800-615-6495

What older Canadians need to know about estate planning

The only constant in life is change, and as people continue to age, changes happen in life that should be reflected in different areas. Estate planning should evolve with those life changes. As finances and other things change as Ontario residents get older, their estate plans may need updating too.

The ways in which people manage their finances as they grow older tend to change as well. Two ways of managing money are with a power of attorney (POA) and joint bank accounts. Regarding a POA, those who sign any document making someone a POA over their affairs have to be mentally capable for it to be considered valid. A joint account gives two or more people the right to access any monies within that account.

There are risks and advantages to a joint bank account and to establishing a POA. Residents who establish a detailed POA will authorize the person so named to have access to banks accounts in order to be able to take care of financial issues like paying bills. A POA document can spell out what a POA can and cannot do. A joint bank account may not limit what others named on the account could do with the money. 

A knowledgeable Ontario lawyer will be able to provide information to all clients about such estate planning issues. He or she will be able to guide clients in the management of their assets through all legal channels available. Estate planning can be complicated, but less so when working with a lawyer with wills and estates law savvy.

Source: canada.ca, "What every older Canadian should know about: Powers of attorney (for financial matters and property) and joint bank accounts", Accessed on Sept. 11, 2017

No Comments

Leave a comment
Comment Information