Silver and Gold Magazine Winter 2018/19 | Page 29

POWERS OF ATTORNEY: WHO’S GOT YOUR BACK? – By Suzanne Soto-Davies ® ® Léony deGraaf Hastings, CFP, EPC Certified Financial Planner Retirement & Estate Specialist Your Financial Future Deserves a Financial Plan D uring the good ol’ days of sword fighting, two soldiers would stand back-to-back during battle to stop any enemy from sneaking up behind them. They had each others’ backs. I’m not a lawyer, nor am I a financial planner, but I do know a thing or two about POA’s. We had to go through this with my mother, when she had an accident in 2012. The POA’s for both care and property were severely outdated, and we had a very difficult time helping her. At the time, my mother had decided that she wanted to have all three of us listed as her attorneys for care; in case of a future emergency, we would ALL have to decide how to best care for her. This was her decision, and it probably wouldn’t be that of others. There are some big issues with deciding who’s got your back, or who can best look after you and respect your wishes. The Attorney General’s office (who provides the POA forms free of charge), states that one of the biggest issues by naming more than one person as your POA, is that they will not agree when conformity is needed most. So you have to ask yourself very carefully: Who’s got my back? Being pressured into adding a particular person as your POA can be detrimental for your future, as the Attorney General’s information states: “Be very careful signing a power of attorney for property, because unless you specify otherwise, the person you name can start making decisions immediately. You may want to include a statement in your Power of Attorney that says the attorney can only make decisions if you become mentally incapable.” This is scary stuff, yet it needs to be done. You can take your time to really think through “who’s got your back,” but please have your POAs prepared and updated.• The forms, complete with instructions, can be downloaded HERE (click) for free, or ordered by calling Service Ontario at: 1-800-267-8097 B OOK YOUR C OMPLIMENTARY R EVIEW A PPT NOW ! 905 905- -632 632- -9900 www.dgfs.ca Let us help you grow! Promote your business or event with THIS SIZE AD (business card) for $83/month. In print + online. [email protected] 905.220.0762 silvergoldmagazine.ca Protect your children. Guide your parents. You’re in the middle of two generations that need your help. Choose your funeral plans now and assist your parents with theirs. Get started with our Official Family Registry and Estate Planner™. Call now to order: Dodsworth & Brown Funeral Home Burlington Chapel dbburlington.ca 905-637-5233 Oakview Funeral Home oakviewfuneral.ca 905-842-2252 Arbor Memorial Inc. Memorial None BLEED: 2018 Silver & CLIENT: Gold Arbor Magazine ~ WINTER 29 DOCKET: D015944 TYPE SAFETY: 0.3125” all around NAME: D&B/Oakview Sandwich Gen Ad COLOUR: 4 Colour Process