Many Canadians are living far longer. But that does not mean those final years are healthy. RBC Wealth Management recently reported that an increasing number of baby boomers are living nine to 11 years past the time they are healthy.
Tony Maiorino, head of RBC Wealth Management Services, was quoted, “Our concerns lie with the growing demographic of Canadians who will no longer be able to manage their own financial affairs due to health issues.”
In light of this, it is important to appoint an Power of Attorney (POA), but what should you consider?
- Financial Acumen. Does the person in mind have the experience to manage finances?
- Location and Ability to Travel. There is no point asking a family member who lives 2,000 km away to be in charge of your finances and health care.
- Age and Stage in Life. An older person may not be an ideal choice or a family member with a young family and a career may simply not have the time.
- Organizational Skills. Is the individual good at record keeping?
- Emotional Bias. If you decide that a family member will be your POA, they may have potential conflicts, such as inferior care since it could affect their inheritance.
These questions can be emotionally charged. Call me today, I can help.