So, what exactly is a power of attorney?

When it comes to estate planning, most people’s first thoughts are about creating a will. But there’s another important document that only about one third of Canadian adults currently have in place. And that’s a power of attorney or POA. Laura Tamblyn Watts, Author and CEO of Canada’s National Seniors Advocacy Organization, CanAge, and Rob McGavin, the Managing Director at Scotiatrust give us the ins and outs of this sometimes intimidating, but essential document. 

Key moments this episode: 

1:44 – So what is a power of attorney? 

2:50 – The various names for these documents in different provinces  

3:28 – How POA for property can be used to help a family member who would rather have someone else handle those decisions and tasks before its necessary 

4:15 – Why POA is a critical part of the estate planning conversation 

4:50 – How many Canadians actually have a POA? 

7:20 – Why POAs are important for people of all ages 

8:21 – What are the responsibilities for someone acting as an attorney?  

11:12 – When POA for personal care kicks in and how is that determination made?  

14:34 – The limitations of managing a loved one's finances without a POA 

17:37 – When should someone get a POA? 

20:00 – How to start a conversation with a parent about POA 

22:32 – Addressing the common misconceptions around POAs 

22:38 – Who should or shouldn’t you appoint as your POA? 

28:20 – What role Scotiatrust can play when it comes to estate planning 

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures