One important lesson from the COVID-19 upheaval of the past year is just how ill-prepared many Canadians are for any disruption to their finances. That has opened up a significant opportunity for the financial advisory industry to enhance its relevance and value by adopting a more holistic approach to financial planning and ensuring investors consider all aspects of their financial well-being.
One of the most important documents you should have as part of your estate plan is an up to date power of attorney, otherwise known as a protection mandate in Quebec. This is a document that gives someone else the power to make financial decisions on your behalf if you are unable to. Needless to say, you need to give special consideration to whom you appoint as attorney or mandatary.