Wills do not address potential incapacity and other health issues and for many Canadians, health directives and a general Power of Attorney (POA) or other financial directives will likely be needed before a will is invoked, says the RBC ‘Myths and Realities’ poll. It shows that while most retired boomers (81 per cent) have a current will, only half (49 per cent) have a current health directive and even fewer (39 per cent) have a current financial directive. “Financial planning is not complete without planning for potential unforeseen health issues or incapacity,” says Suzanne Michaud, senior advisory counsel at RBC Law Group. “Your plan should address your wishes relating to personal care and include the right documents in place to appoint someone to act upon your behalf for both property and personal care matters.” She adds that Canadians recognize the reality of aging and health concerns, but they are not taking action while they are young enough to address this reality without undue pressure or failing health.
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