Where to Start
Getting older
For many of us, getting older is the great unknown. A time of uncertainty. How long will I live? Will I be able to stay in my own home? Will I be able to look after myself? Will I have enough money?
Preparing for possible illness or disability, whether in the long term or the short term, age-related or not, is something that is easy to put off. But doing some preparation now can give you peace of mind, and be a great help to both you and those you care for.
Here are some concrete suggestions.
1) Hire a lawyer to make your Will and possibly make Enduring Powers of Attorney.
- Think about who you want to name as Executor for your will. To learn more about Enduring Powers of Attorney, you can read this guide.
2) Make a backup plan to pay all your bills if you are unable to
- If you have a joint back account with another person, they can pay your bills, Otherwise, consider making an Enduring Power of Attorney for financial matters. This is a legal arrangement that does require a New Brunswick lawyer. Think of a person you would trust to act in this capacity and ask them if they are willing.
3) Make a Heath Care Directive
- A Health Care Directive is a document in which you state your wishes for your future medical treatment and care. It can contain things like whether or not you want CPR, or whether you want to be put on a ventilator. You should discuss this with your doctor so you understand the implications of the decisions you are making. You can get more information about Health Care Directives here.
- This does not require a lawyer, but you can make an Enduring Power of Attorney for personal care if you wish. You can also simply write your health care instructions down and date and sign the document. Many people put this document on their fridge, as paramedics often check there. You might also give a copy to the Health Records Department of the hospital you go to.
4) Review the beneficiaries listed on all your policies and accounts (i.e. RRSPs, RRIFs, TFSAs, Life Insurance Policies, Pension) and make sure they are up to date.
5) Make a Record of Important Information and keep it up to date.
- You can download a template below. The brief version is called Record of Important Information; the full version, from the Financial and Consumer Services Commission, is called The Record Keeper.
- Make sure someone you trust knows where this information is.
