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2 Responses

  1. Vince P. Mayne says:

    Excellent article and highly informative!

    Two observations.

    Joint Bank Account — the facility will enable financial affairs to continue when a person becomes incapacitated. However, it has many drawbacks and it’s surprising that Canadian Banks have not come up with a better solution.

    Power of Attorney — Millennial children of the Boomer generation are much more nomadic and unlikely to pay much attention to administrative items such as a Power of Attorney.

    Boomers living in the USA have access to secure, on-line solutions that store up to date power of attorney documents that can be readily accessed by their Millennial children using cell phones from anywhere.

    Canadian Boomers are not well serviced in this area in Canada and should not consider US solutions since privacy laws in the US differ.

    • Marie Engen says:

      Thanks Vince. From my experience when I worked in banking, when an account was made joint there was no monitoring of who made the transactions. Back in the day bankers – especially tellers – knew their customers well and could pick up on anything that didn’t seem right. Unfortunately, there’s a privacy agreement that makes it difficult to report any alleged wrongdoing, unlike in the US reporting is allowed.

      It’s now easier to manage accounts online from anywhere – I do it for my mother when she can’t get to the bank – but some things need to be taken care of “at the source” so it can be important to choose someone close by and not too busy with their own stuff to get involved with yours.

      As our population ages it’s going to be more important than ever to put some regulations in place for protection.

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