The series is produced in collaboration between RBC Wealth Management Royal Trust and David Chilton, author of best-selling personal finance guides The Wealthy Barber and The Wealthy Barber Returns, and former dragon on CBC’s Dragons’ Den.
The Wealthy Barber has a power of attorney. Do you?
A power of attorney for property protects your assets so your loved ones can focus on your care.
Did you know?
- There are two basic types of power of attorney: one for personal care and one for property.
- Incapacity is not age related, it can happen at any time.
- Naming a trust company as your attorney for property can ease the burden on your caregivers.
What is a trust? The Wealthy Barber explains
Trusts protect your wealth for the benefit of current and future generations.
Did you know?
- There are two basic types of trusts: one that is active while you’re alive and one that starts after your death.
- Trusts allow you to benefit individuals or charities while maintaining a degree of control over your assets.
- A trust can span several generations; a trust company will be there for current and future beneficiaries.
Have you been named as an executor of a Will? The Wealthy Barber says, “Get help!”
Executor services protect you from liability and ease the burden on your family.
Did you know?
- You can appoint a trust company and your executor can too; you don’t have to place the burden on a loved one.
- As an executor, you have personal liability to ensure the estate is settled properly.
- Settling the simplest of estates can take up to two years and involves more than 70 tasks!
The Wealthy Barber: Get an up-to-date Will!
Wills help to protect your estate and ensure your wishes are fulfilled.
Did you know?
- If you’re old enough to vote, you’re old enough to make a Will.
- Without a Will, the law sets out how your assets will be distributed, not you or your loved ones.
- You should update your Will as your personal circumstances change.
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