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Sunday, September 17, 2017

Taking the financial reins from Mom and Dad

Many people think of estate planning as making a will, but that's only part of it. The other important part is making documents that plan for losing your mental capacity. Sure, it's not the most fun thing to think about but it's certainly better than the situation occurring while you're unprepared. The incapacity documents are the Enduring Power of Attorney and a healthcare directive.

Adult children who are appointed under the Enduring Power of Attorney have to adjust to the role reversal. Now they have to parent their parents. Those who haven't been through it perhaps don't understand what the process is like.

I've just read a good article about taking the financial reins from your parents at www.financialplanningforcanadians.ca. Click here to read it. By the way, there are lots of other really good articles about money and planning on that site, so take a look around.

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