David Chilton:
Doesn’t sound exciting but stick with me. We’re going to talk a little bit about estate planning. We’re dealing with an audience today 55, 60 and up. You got to get on top of the will again. It’s not that expensive. Get in and take care of it. What about powers of attorney?

Mike:
No.

David Chilton:
Same thing. You must do that because we’re out here playing pickleball. You know, one of us at our age could have a heart attack or something. We want to make sure the powers of attorney are there in case we’re incapacitated and doing those things. It’s easy to push it off because you’re pretty fit. You’re still very active, but you’ve got to take care of that type of thing for sure.

What about powers of attorney? Have you stayed on top of that?

Celine:
She (sister)’s also my power of attorney. (Wow) Yeah.

David Chilton:
And so again, she’s about your age? (She is) What happens if she predeceases you? Do you have an alternative named to contingent plan?

Celine:
Then I guess I have to update my will and my plans.

David Chilton:
You have to jump over it again.

What did you do on the powers of attorney front? Have you made good choices there? You named your sister as well?

Bob:
My sister as well. Now the backup is my first cousin. Lives in Toronto.

David Chilton:
Nice.

Bob:
So if there’s a problem that has to be dealt with right away, she’s the one—

David Chilton:
So, you named them as a contingent option (correct) and they can step in. That makes a lot of sense. That’s good. Do you think about a lot of this stuff? Did you think it— measure it through? Really think through what kind of qualities you’re looking for in an executor, in a power of attorney? Are they trustworthy, etcetera?

Bob:
I trust my sister with my life.

David Chilton:
I don’t trust my sister at all. So, for me, it would— I would have chosen your sister before I chose my own sister.

What about powers of attorney, have you stayed on top of that?

Rose:
I do. Our lawyer told us to do that when we did our will.

David Chilton:
Absolutely vital. I mean, when you get to be my age in your 60s, you’re constantly seeing friends who are incapacitated due to a heart attack, a stroke, an accident, whatever. They don’t have a power of attorney in place. And what a huge inconvenience and hassle factor dealing with the courts. You sound like you’ve done a good job.

What about powers of attorney?

Pat:
I have both of those too.

David Chilton:
Well, okay. You’re a bad interview. You’re doing everything right. (Sorry) We can’t learn anything from you. You’re on top of things.

Pat:
You can. You have to do everything and make sure.

David Chilton:
Do yourself a favour. Do your family a favour, do your dog a favour. Get your power of attorney documents sorted out now. And if you have them, look at them. Make the changes you need to so you don’t regret not doing them in the future. More importantly, so your family doesn’t regret you not doing them in the future.