With estate planning, wills and Powers of Attorney top of mind, almost 50 people attended the recent session hosted by Elgin Lodge Retirement Home in Port Elgin.
Angela Unworth-Foote, a former bank employee of 26 years and now turned author with her book ‘How to Get Your Sh*t Together’, took participants through the steps of ‘what you leave behind’. “Although it may not be easy for you, it will be easier than leaving everything for those left behind. Remember the legacy you want to leave.”
“Some say ‘who cares I won’t be here’ and that is not the legacy you want to leave your loved ones with when they are grieving,” she said. “I’ve seen too many families splinter, too many people destroyed financially and emotionally because somebody did get their sh*t together until it was too late.”
Unworth-Foote also walked through topics such as appointing an executor. “Your executor will have up 60 tasks so it’s not easy and your executor should have the necessary skills that will be required.”
Angela Yenssen, Staff Lawyer with the Grey-Bruce Community Legal Clinic also pointed out the importance of having a Power of Attorney both for future health care and property. “Everyone who owns anything should have a will, and it can even be hand-written but, if you have assets you get good legal and financial advice. A will is an act of love,” said Yenssen, “and make sure the family knows where your will is. If you have excluded a person state why in the will. Chaos happens when you die without a will.”
She went on to say that if someone also has a financial advisor, “that person should know who the executor and beneficiaries are” and, with technology today, in your will give the executor “the authority to deal with your digital accounts”.
There are two Powers of Attorney (POA) – personal care and property. They cease at the time of death and the will then takes over. “If you do not have a POA for personal care, your next of kin, regardless of your relationship with them, can make decisions around your health care, treatments, personal care and if you should go into a nursing home. Make sure your wishes are known and always express them in writing, signed and dated.”
When it comes to appointing an executor, Yenssen stresses the importance of “…choosing wisely”. It’s very important to choose the right person. He or she needs to understand their responsibilities and should know where all important documents are. Also, if there is more than one executor, they must sign everything together.”
When it came to financial decision-making, Dave Middleton of Middleton Finner Financial Planning, said that financial planning is complex. “You can save, spend or give away your money. There are two vehicles that be used, registered or non-registered. A registered account is open and non-registered can name a beneficiary and you can also add your estate as a beneficiary. If you own your own home, it is your biggest asset.”
Middleton also said that accounts administered through an insurance company, unlike a bank, do not have to go through the long process of Probate.
Before many in the audience went on a tour of Elgin Lodge, they had the opportunity to meet with each of the presenters during a question and answer (Q&A) session.
“This was a great idea to have this,” said one participant. “I learned a lot and will definitely be taking some of the steps that were outlined here.”
