On Wednesday, May 29th ECU hosted a free seminar about powers of attorney and wills. The seminar was hosted by Heili Orav and presented by Martha Moen, Head of Trust at Concentra Trust.
The evening kicked off with Martha discussing what a power of attorney is and why it is critical to have. A power of attorney can be a person or a trust company of your choosing, who has the authority to act on your behalf for all legal and financial matters.
A power of attorney is important because they can manage your affairs if you are not able to look after matters on your own; they protect your wishes while you are alive.
Even though the importance of a POA is clear, only 26% of Canadians have one.
Powers of attorney should always be set up with a lawyer, who can consult you through the process and explain what stipulations you may want to include, for example a start date. Should you be choosing an individual vs. a company to be your POA, it is always important to ask them if they are willing to take on the responsibility – it can be a time consuming and overwhelming role. Concentra can also be appointed as your power of attorney. Choosing a trust company as your POA helps ease the burden on your family and friends, and also ensures that neutral and lawful decisions are made.
Martha continued to speak about POAs and answer questions. She also touched on setting up a will and appointing an executor for after you have passed. If you do not have a will in place, Ontario legislation can dictate where your money goes. You should take the time to plan out your after-death wishes, so your money goes where you want it to. Tell people what you want for your legacy and help your family members make decisions after you are gone. Concentra also offers an Executor Ease program that appoints Concentra as your executor after you pass.
The evening finished off with a few questions from the attendees, and wrapped up with snacks and refreshments for everyone to enjoy.
ECU would like to thank Martha Moen and her team at Concentra Trust for their wonderful presentation, and of course a big thank you to the attendees for coming out to learn!
To find more information about Concentra Trust and their programs, you can contact the Estate Team at ECU.
Heili Orav, Manager, Weath & Estate Services 416-465-4659 ext. 114
Liisi Lainelo, Member Service, Wealth & Estate Services 416-465-4659 ext. 119