It is best and easiest for everyone, if all of your loved one’s banking and estate planning for the future has been organized and formalized in a legal document, with an appointed Power of Attorney (POA). If this hasn’t yet been done, begin the process now.
As the Power of Attorney, familiarize yourself with the individual’s bank accounts, financial situation and properties.
If the individual is still able, accompany them to the bank and introduce yourself to the Financial and Account Managers. Present the Power of Attorney (POA) document, which has your name on it. They will take a copy of it. If you bank at the same financial institution, most banks will be able to link your loved one’s accounts to your own online profile. Then you can take care of their bills through accessing your own account online.
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Ideally, you can discuss and set up a Will and Estate succession plan with your loved one, while they are still able to make important decisions. If they are passed that point, and if a Power of Attorney (POA) has not been appointed, you will need to go to the courts to appoint yourself or another person as POA and Estate Guardian. Otherwise, a guardian will be appointed by either the Ontario government’s Office of the Public Guardian and Trustee, or by the court.
• As the Power of Attorney (POA), familiarize yourself with your loved one’s important documents…
• Bank accounts, Loans, Mortgages, Lines of Credit, Credit cards, Investments, Ownership of Real Estate, Ownership of businesses, car ownership, prepaid funeral arrangements for a cemetery plot, etc.
• Have a list of your loved one’s financial advisors and bank account managers and their contact information.
• Take a couple of copies of the official POA document.
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