What is a power of attorney, and why do you need one?


Canadians are pretty good at some aspects of estate planning. Almost half of Canadians have drawn up a will, and that number shoots up to 78% of Canadians aged 55-plus.

However, Canadians are not as efficient at being prepared for times when they’re no longer able to make their own decisions. Less than a third of Canadians have a power of attorney (or protection mandate in Quebec) in place to make financial decisions on their behalf. This oversight could bring considerable problems to family members further down the line.

Let’s take a look at how a power of attorney works, how to set one up, what happens if you don’t have one and why it should be part of your overall estate planning.

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