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Friday, July 11, 2014

Estate planning is about more than just your stuff and who gets it

I came across this article by Charles J. Moore, an American lawyer, and I like his style. I've always broken down estate planning into two basic elements, those being what we know is going to happen (i.e. one day we will pass away) and what might happen (i.e. we might lose our ability to make our own decisions). A will is only one part of that complex discussion. Mr. Moore makes it clear in his article that he talks about both of those elements too.

This article also mentions a few other topics that many people don't realize are discussed with your lawyer at the time you decide what goes into your will. I think you'll find it interesting and thought-provoking.  Click here to read the article.

2 comments:

  1. I have made a recent discovery regarding disclosure by RBC and likely most or all major banks in Canada. I have been told that when a person's POA is put into place at RBC the 'attorney' has access to the entire account history. This means that I am considered competent today and say I get hit by a car leaving the bank and within days am declared brain damaged so my POA takes effect. The 'attorney' can then review my entire banking history with RBC back to 1986 when I opened the account. I understand that my POA attorney is viewed as an extension of myself but to be given this access seems to be an invasion of my privacy.

    https://www.rbcroyalbank.com/onlinebanking/servicech/disclosures/part2F.html#10

    "10. Appointing an Attorney: You may appoint one or more attorneys to act for you in respect of an Account. However, we may refuse to accept the appointment in our sole discretion if it is not satisfactory to us, or we may refuse to honour any Account transaction made by an attorney (or by any committee, property guardian or similar representative appointed by a court to act for you in respect of an Account). If an Account is a joint Account, we may also refuse to honour any Account transaction made by an Attorney (or by any committee, property guardian or similar representative appointed by a court to act for you in respect of an Account) unless their appointment in respect of the joint Account has been agreed upon (in writing) by all Account owners. An Attorney will have access to the previous Account history and transaction details for the Account, and you agree to this access being provided."

    ReplyDelete
    Replies
    1. This isn't exactly breaking news, but I appreciate that it may be new information for you, and perhaps others. Yes, a person stepping into your shoes via a power of attorney is entitled to see all of your financial records.

      Lynne

      Delete

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