Aging is a part of life, and consequently, many people need extra help when they get older, some more than others. This could lead to having a talk about care. Becoming the guardian of an aging loved one in Ontario requires careful thought, especially when a senior is beginning to show signs of dementia or confusion. Those caring for people who are finding it hard to make decisions regarding their own health or other things in their lives may want to discuss guardianship with the individual.
Some grandparents are finding themselves becoming surrogate parents to their grandchildren. When a grandparent becomes the guardian of grandchildren in Canada, the lives of all involved are forever changed. There a many reasons why some grandparents are known as "skip generation" grandparents, but the main reason is that their own kids aren't able or available to care for their own children.
In an ideal world, every person will enjoy good health and a sound mind until they pass away. Unfortunately, that doesn't happen for some people. Should a person no longer be able to make decisions about his or her own finances due to mental incapacity, it may be necessary to appoint a guardian to manage his or her affairs. Here is a brief summary of guardianship of property in Ontario.
Illness and incapacity take many families by surprise. A loved one may be rational and coherent one month, but his or her health declines rapidly the next, rendering the loved one unable to make important decisions related to finances and health care.
Canadians are living longer than ever before, and with longer lifetimes come increasing concerns about the possibility of dementia and mental incapacity. An essential way to plan for the possibility of one's own incapacity is to draft these two documents: power of attorney for personal care and power of attorney for property.
In light of our recent post on a legal dispute involving an Ontario man who was sentenced to jail for stealing from his father, now is a fitting time to discuss estate planning as it relates to powers of attorney and other forms of incapacity planning.
According to a study by the Public Health Agency of Canada, 35 per cent of Canadians with a neurological condition such as Alzheimer's disease reported having experienced a financial crisis in the past 12 months.
Anticipating the possibility of incapacity is an important part of any comprehensive estate plan. Unfortunately, though, instead of addressing issues of capacity and consent by assigning powers of attorney, many Canadians postpone this kind of planning until it's too late.
In 2014 life expectancy in Canada was the sixth highest in the world. According to the World Health Organization, men could expect to live to age 80 and women could expect to live to age 83. By comparison, in 1920 the expected ages were 59 and 61 respectively. Much has changed, in other words.
The possibility of not being able to make your own decisions may not be a subject you often consider, but anticipating incapacity is an essential part of estate planning. Canadians can most easily address incapacity issues with two important documents: power of attorney for personal care and power of attorney for property.