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Many Canadians, particularly seniors get concerned as they get older and age about whether they’re
going to be able to continue to manage their financial affairs.
Often there is a temptation to make an account like a bank account or an investment account
a joint account with a sibling or perhaps with a child. One thing to consider instead
of using a joint account which actually gives them perhaps the right to your money is to
consider using a power of attorney.
A power of attorney for financial affairs as well as a power of attorney for personal
care. A power of attorney over property gives someone else the legal ability to deal with
your finances should you become incapacitated and no longer able to manage them.
A personal power of attorney for personal care allows someone to make health care decisions
should you become incapacitated.
Both of these are considerations that you should really talk to both the legal advisor
as well as the financial advisor to talk about what the best option is to help you manage
your money should you become incapacitated.