The Tax Chick Podcast Musings of a Tax Chick - What you need to know about Powers of Attorney
May 30, 2025
Explore the essential role of Powers of Attorney in estate planning. Discover why they matter alongside wills and the implications of provincial laws across Canada. Learn about designating trusted individuals for different roles and the potential need for a second power for international use. Uncover how banks are ramping up verification processes, and hear practical tips on working with financial institutions. Lastly, Amanda emphasizes the importance of revisiting older documents to ensure they still meet your needs.
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POA Is A Core Estate Document
- Powers of attorney act while you are alive and handle affairs when you lose capacity.
- They are a foundational estate document alongside wills and health directives.
Review POAs When You Move
- If you move provinces or countries, review or re-execute your POA with local counsel.
- Ensure the new document doesn't unintentionally revoke the original.
Separate Property And Personal Care Roles
- POAs can cover both property and personal care, and you may appoint different people for each role.
- Property covers finances; person covers living and care decisions.