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May 2014 Archives

Casey Kasem's case supports need for POA

Ontario law requires a power of attorney to facilitate relationships between the principal and other individuals, so this person cannot deny access to a loved one simply because the power of attorney does not like that person. Historic Los Angeles radio icon Casey Kasem did not have a power of attorney in place, and the current issue is whether a conservator should be appointed in the conflict between his wife and his children.

Delaying estate plan can be disastrous

Ontario couples who delay planning for their death may be running many risks. Estate planning can help outline how a person wishes his or her funeral and burial to be conducted. It can also help individuals to provide details about the distribution of their assets so that the courts do not dictate these details.

Considerations in estate planning

The loss of a spouse is difficult but such loss can be even more devastating as the survivors attempt to wade through piles of documents they might not understand. In order to prevent it, a family should work on estate planning together. Even if one of the spouses leads in handling the financial matters for the whole family, the other spouse should have an understanding of everything involved and know what they both want. If third parties, such as adult children or an estate trustee, are also included, they should be involved the entire planning process including participating in meetings with accountants and lawyers.

IIROC proposes rule changes for personal financial dealings

Changes have been suggested to the rules regarding financial dealings between investors in Ontario and nationwide and the individuals whom they select to manage their financial matters. The proposals come from The Investment Industry Regulatory Organization of Canada, and they are designed to give investors more flexibility in choosing trustees, executors or advisers while protecting them from possible conflicts of interest. The deadlines for unwinding certain arrangements, including power of attorneys and executorships, has been extended to June 2015 to allow the proposed changes to the personal financial dealing rules to be considered.