money management

Aging in Place

October 21st  @ 6:00 pm – 7:30 pm

South Health Campus

4448 Front St SE

Wellness Class Room 180006  

Call 403-472-6445 to register as space is limited

“Aging in Place” means having access to various services and the health and social supports you need to live safely and independently in your home for as long as you wish or are able. Aging well involves being honest with yourself and having a plan. Most Canadians want to remain in their own homes for as long as possible.

This workshop is designed to get you thinking about all 9 areas of life to consider when Aging in Place. Start to draft a plan to age well.

Register thru Eventbrite www.eventbrite.com/e/aging-in-place-tickets-63259867968

Or call Jill Chambers with Aging in Place Supports at 403-472-6445.

Prevent Elder Fraud by Getting Rid of Junk Mail

Thieving fraudsters are making a business of taking advantage of older adults. Almost 4 in 10 seniors are affected, losing over $3.6 billion each year.

And this isn’t only happening to the very old or those with Alzheimer’s or dementia – younger, more educated seniors are actually losing more money.

Did you know that the amount of junk mail your older adult receives is a sign of their fraud risk?

Getting rid of junk mail might seem like a lot of work, but it’s well worth it if it protects your older adult from losing their life savings to fraud.

  • Shred those pre-approved credit card applications

Putting a stop to the junk mail being sent to your older adult’s house is essential for reducing their fraud risk.

  • Have sign on the mailbox “No junk mail or flyers”.
  • If mail delivered to a superbox or bank of mailboxes in a building, have the postal carrier put a sticker in your slot indicating “No junk mail or flyers”.

It also reduces the risk that someone with early dementia would repeatedly donate to multiple charities, sign up for many credit cards, or spend an excessive amount on catalog purchases.

Posted by Admin-FCI in Financial Abuse, 0 comments

What is a Personal Representative?

When ONE is Better than TWO

A more common name for what we used to call an “Executor” of a Will is now a “Personal Representative”. In multi-child families, many parents may appoint two (or possibly all) of their children as the Personal Representatives of their Will. They do this perhaps to not show favoritism towards one child or another or maybe their thought is that the Personal Representative’s role would be less of a burden if more than one of their children was named to that role. This is often a concern if the named Personal Representatives live a great distance from the each other or if there are communication difficulties among any of them.

The wording of the Personal Representative’s appointment is best stated as something like “I appoint my son Bob to by my Personal Representative but if he is unable or unwilling, then I appoint my daughter Mary to be my Personal Representative”. The actual wording should ideally be suggested/prepared by the parents’ lawyer who may have prepared their Will and the appointment wording may vary from that used in this example. It is best to name a sole Personal Representative but to also include verbiage that permits the opportunity for others (if applicable) to optionally assist the named sole Personal Representative where needed and for them to work under the direction of the sole Personal Representative.

Why only one Personal Representative? A Personal Representative has “complete and full authority” over all matters of the estate. The major concern with two or more Personal Representatives to a Will means that all must act together on all aspects of decision-making, sharing of information, Probate issues, documentation, insurance, banking, investment and legal matters. We can easily imagine that multiple Personal Representatives could easily become a major concern and incur more than normal charges, delays, confusion and misinterpretation to the activities of the role. Settling an estate can be an emotionally charged and stressful exercise even for those who may be fully prepared to do the work.

When asked if you agree to be named as a Personal Representative to a Will, confirm whether you are the sole Personal Representative before giving your consent to the owner (testator) of the Will. If there are Co-Personal Representatives, it is best to quickly confirm that the named Personal Representatives agree that they can work together. Ideally one of them would agree, with the consent of the others, as the lead.

If there is any reason to believe that any of the Co-Personal Representatives might have communications difficulties with the others for any reason, the named Personal Representative should discuss his or her concerns with the other parties and recommend that only he or she manage the Estate. There may be some activities that the other parties can do under direction of the named Personal Representative who would direct their capacity to assist.

In the case where all parties named as Co-Personal Representatives to a Will agree that only one of them should act as Personal Representative, they should submit a Renunciation of Executorship form that can be drawn up by the lawyer for the estate. As is obvious from this discussion, it is always best to confirm the nature of the appointment of the Personal Representative with the Testator before providing your agreement and consent to act as their Personal Representative.

If you are asked to be a Personal Representative and accept the responsibility, it is important to know how the Will describes your role. Based upon the above, and your knowledge of any other parties named, you may recommend to the testator that he or she make any necessary changes to it as per the above discussion and communicate their decision to any others (e.g. family members) who may feel they too should have a role. This would save you, as the Personal Representative, much grief when the time comes for you to step in and manage the final Estate. During the execution of your duties, keeping beneficiaries informed of your progress will provide a more positive outcome for all involved.

Posted by Admin-FCI in Money Management, 0 comments