You simply submit originals of PoA and the Will if applicable to your local branch and wait a few business days at most. Was fairly painless.
Please document your financial details
- Thread starter klr_guy
- Start date
Dirty Frank
Well-known member
Nothing like being the executor of a estate and having to cold call financial institutions to inquire if they have a account in that name.
don't remind me, too soon...
PoA is a powerful tool, but sometimes elderly parents/spouse don't want to implement something that all-encompassing or far-reaching, or the legal process is too expensive, or other reasons (family politics, etc)
A cheap and easy alternative is to give someone Trading Authority over investment accounts. No legal fees, just a form you fill out at the bank. Your parents/spouse's accounts then show up under your list of accounts and you can buy/sell/transfer funds on their behalf.
I've managed my parent's portfolio for many years this way, and a nice bonus is that you already know where everything is so you don't have to go through the discovery process blind after they pass.
Well I was really referring more to stuff like property then bank accounts.
Sorry for your loss.
We really need to do a lot of this stuff. Wife and I have been together for 25 years this coming summer and in our youth that was the sort of thing that never seemed necessary. Sadly, we are not in our youth anymore.
We really need to do a lot of this stuff. Wife and I have been together for 25 years this coming summer and in our youth that was the sort of thing that never seemed necessary. Sadly, we are not in our youth anymore.
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at the least summarize your stuff where someone can find it if the worst happens.
Condolences on your loss. It's heart breaking to lose a spouse and 53 is way way too young.
My father passed away unexpectedly at 63. My mom knew absolutely nothing about their finances and I had to sort through a ton of stuff to ensure I captured everything. The pain about this is that you're never 100% sure you got it all, as they say, "you don't know what you don't know". Thankfully, there was a will and everything passed to my mom either immediately or when the paperwork was sorted out. Also, this was 1991, so no online banking and no auto withdrawals of funds to pay bills. Everthing payable came in the mail.
Spouse and I have had doomsday file for a number of years where everything finance and estate related is in one place. Lists of investments, accounts, pension incomes, routine payables, credit cards, house documentation, wills, POA, funeral details, password manager p/w, etc. etc. Kids know where it is as well. So, if I head off to OH on a bike trip and don't return or we're both in California when the big quake hits, the survivors can pick up the pieces and continue on with the least amount of hassle.
Ensure all of your registered accounts have benificiaries or right of survivorship and that joint accounts are set up properly.
One note here is to not rush and advise banks or pension providers of the death until you are certain that you have funds to run the household and pay bills for 2 - 3 months + have proper bank access. My father died at the end of the month, on the 28th, there was the funeral and then the search for documentation began. Pensions were paid on the first of the next month and then again a month later. By that time I'd found all of the documentation, funds in accounts and knew there were no financial concerns. At that point I wrote to the all the pension people, explained the circumstances, that I was new to being an executor and asked them to submit their calculation of any pension to be repaid, if any. Their responses trickled in over the next month and I cut them a cheque as required. No hassles.
My father passed away unexpectedly at 63. My mom knew absolutely nothing about their finances and I had to sort through a ton of stuff to ensure I captured everything. The pain about this is that you're never 100% sure you got it all, as they say, "you don't know what you don't know". Thankfully, there was a will and everything passed to my mom either immediately or when the paperwork was sorted out. Also, this was 1991, so no online banking and no auto withdrawals of funds to pay bills. Everthing payable came in the mail.
Spouse and I have had doomsday file for a number of years where everything finance and estate related is in one place. Lists of investments, accounts, pension incomes, routine payables, credit cards, house documentation, wills, POA, funeral details, password manager p/w, etc. etc. Kids know where it is as well. So, if I head off to OH on a bike trip and don't return or we're both in California when the big quake hits, the survivors can pick up the pieces and continue on with the least amount of hassle.
Ensure all of your registered accounts have benificiaries or right of survivorship and that joint accounts are set up properly.
One note here is to not rush and advise banks or pension providers of the death until you are certain that you have funds to run the household and pay bills for 2 - 3 months + have proper bank access. My father died at the end of the month, on the 28th, there was the funeral and then the search for documentation began. Pensions were paid on the first of the next month and then again a month later. By that time I'd found all of the documentation, funds in accounts and knew there were no financial concerns. At that point I wrote to the all the pension people, explained the circumstances, that I was new to being an executor and asked them to submit their calculation of any pension to be repaid, if any. Their responses trickled in over the next month and I cut them a cheque as required. No hassles.
Thank you. Julia died one month shy of our 26th anniversary. Just do it.
We are joint on all accounts now except one , my play money , and that’s just lazy on my part . We now both use the same financial advisor ( don’t ask lol) so it’s all in one place . I have a password book in my safe , so everything can be found , with a list of banks and stuff I use .
My dad wanted a funeral with no fuss , brown bag your own lunch and put his ashes in the lake . He got a full church service , catered lunch and is buried in the family cemetery somewhere outside London Ont . No one visits the grave because it’s far away . That said my in-laws are interred in west Burlington , and nobody goes there either . Our customs have changed .
If my wife passed there is a sister I’d call thats about it , her whole family are F’ed.
Sent from my iPhone using GTAMotorcycle.com
My dad wanted a funeral with no fuss , brown bag your own lunch and put his ashes in the lake . He got a full church service , catered lunch and is buried in the family cemetery somewhere outside London Ont . No one visits the grave because it’s far away . That said my in-laws are interred in west Burlington , and nobody goes there either . Our customs have changed .
If my wife passed there is a sister I’d call thats about it , her whole family are F’ed.
Sent from my iPhone using GTAMotorcycle.com
Mad Mike
Well-known member
Banks aren't hard to deal with if they trust you.
Wills are a bit different as things are placed into trust. They lock down credit with collateral and you have to get things out of probate -- there isn't a lot of fraud risk to them.
POA is a different story - they will be 100% certain that the donor appointed you POA, and then they want a complete profile on you. You can't just walk in and expect a signed POA document to get you anywhere.
Trading Authority is a POA with the restriction portion filled in. As a POA it dies when the donor dies the trading authority ends.
If the donor is lucid, there is no cost to setting up a POA, you don’t need a lawyer - just download the forms and complete.
PDF Ontario POA
Sorry for your loss. We had a will when we turned 30. Unfortunately, our lawyer who I went to high school with, preceded us a long time ago. We just redid a new will and changed a few things. I guess that’s something to add, in that you should have access to the current original of the will and keep track of it.
