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Placeline/People
City
TORONTO
Country
Canada
Money Monitor: Growing need for seniors to prepare finances
As Canada's population ages, more children will be thrust into a reversed role of looking out for their parents and their finances. Experts say they will have to be on guard for a wide range of issues like missing payments. When potentially taking over someone's finances it's important to build a support team with legal, financial and others to provide advice. It's also crucial for family, including siblings, to keep open conversations throughout the process. When taking over finances, the person with power of attorney should have a full understanding of expenses, income, accounts, and mortgages to make sure items aren't missed. Early planning is crucial not only to avoid problems with banks, but to safeguard from the financial elder abuse that is most often perpetrated by adult children. An aging parent can assign power of attorney to a trusted child and still go on managing all their finances independently, with the backup in place and ready to go. Aging parents should also make sure their finances, will, and power of attorney are settled long before it's needed.
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Informations
Photographe :
The Canadian Press
Identifiant système :
CP14724332
Identifiant hérité :
b62872d6b27084791b6259ed4a4bd7a0c
Type :
Video
Durée :
1m28s
Dimensions :
1920px × 1080px 45.24 MB
Date de création :
11/21/2019 8:37:00 PM
Display aspect ratio:
16:9
Mot-clés
business
finance
finance tips
Health
income
information
Last Will
lifestyle
money
money monitor
money tips
Power of Attorney
seniors
tips
wibbitz
will
will and testament