Advocating for you – Power of attorney
An important part of your overall plan is nominating a Power of Attorney (POA) for your finances. A complicated and time-consuming role, the POA will need to handle banking, investment decisions and pay bills on your behalf. They may not benefit financially from their appointment (transferring money to themselves, their spouses or children) or change beneficiaries on registered accounts.
Most people consider a close friend, family member or a neutral third-party trust company. When thinking about your own options for a POA, there are several factors to consider: Trustworthiness, experience, availability, reliability, willingness and Canadian residency. In some cases, RBC Dominion securities is not able to recognize an American resident as Power of Attorney.
We recommend you review your Power of Attorney documents every few years along with your financial and estate plans.
