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Financial Sense/ Money Matters, Twins/Toddler Tuesday

Financial Sense: Have a Power of Attorney

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If you are like me, you have probably never given much thought to things like life insurance, wills, and powers of attorney. I am young right? I don’t have to worry about these morbid things.

Well, times are changing and I have three little munchkins that depend on me, so I have been learning about how to manage my finances (including all about mortgages because we are saving for a house).

My first tip to you would be to make a power of attorney. Now if you are married you may be thinking that’s a waste of time since your spouse will speak for you.

In Canada, that’s not the case. If you were in an accident and in a coma, your spouse would not be able to access any funds in any accounts that are in your name. Imagine getting kicked out of your home because you couldn’t make mortgage payments because you couldn’t access the money. That’s the last thing you need if you are already dealing with such a difficult situation.

If you are like me, and you are not married, all the more reason to get things together. If anything ever happened to me, the main thing I would want is to make sure my children were provided for.

Will I include a DNR, doubtful, but in any case I would hate to make Jeff be the one forced to decide for me. No one should have to bear that burden.

If you can afford it, I would recommend having a lawyer set one up for you, but if not do not despair. The government has a package you can download from their website to make one yourself. You just need to provide the witnesses.

Use today to plan for tomorrow. I have every excuse not to but three very special reasons to get my butt in gear.

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About Shannon

I am a university educated full-time working mother of three children and expecting #4. Proudly Canadian, I freeze my butt off along with my loving partner, two dogs and a cat. I hope you enjoy reading my posts as much as I love writing them, but if you have nothing nice to say, don't say anything at all.

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