Written by Joanne on June 15, 2015
June 15 is elder abuse awareness day. It seems like a good time to consider safeguards for personal planning.
We are all going to die and many of us will need some assistance with our affairs prior to death—due to illness, injury, aging or disability.
How can we protect ourselves, when arranging for others to help us?
What can third parties do to encourage and support best practices?
We need to be able to count on financial institutions to do their part. This includes knowing the legislation within the jurisdiction they operate.
“CIBC told me (the representative) that a Representation Agreement Section 7 for financial and legal affairs is not a valid document and they offered to shred it. Is this true? We followed the instructions for making it…” [Email June 11, 2015]
This quote is the most recent example and the most common complaint we receive about third parties. Banks and credit unions promote financial planning but they make it difficult. We need them to help promote safe and effective practices.
Caregivers/representatives are already stretched to the limit trying to maintain the quality-of-life for a spouse, family or friend. This means making sure bills are paid, funds are available for health and personal care needs, entitlements are applied for, insurance is paid up and more.
Representation Agreements have many more safeguards than Powers of Attorney. The RA7 is a standardized document unlike the Enduring Power of Attorney, which can be highly variable given the numerous options available since amendments came into effect on September 1, 2011.
RESOURCES (Also find under Information tab blue menu bar)
Role of Representative and Role of Monitor in a Representation Agreement
Role of Attorney in an Enduring Power of Attorney
Revoke a Representation Agreement
Revoke an Enduring Power of Attorney
EPA vs RA7 chart
RESOURCES FOR PROFESSIONALS & INSTITUTIONS
Definition of Routine Management of Financial Affairs
Detailed Comparison: RA7 or EPA for Financial and Legal Affairs