Pattie Lovett-Reid: COVID-19 and setting up seniors for financial success

Pattie Lovett-Reid: Setting up seniors for financial success amid COVID-19 For seniors, the feeling of losing control is real in many areas of their lives especially during the pandemic. One area that is of most concern is their finances. CTV's Chief Financial Commentator Pattie Lovett-Reid shares tips on how to set seniors up for financial success during times of uncertainty.

TORONTO — No one likes to think about their demise. No one.

COVID-19 has taught us it doesn't discriminate and sadly can strike when you least expect it. Seniors living in extended-care and assisted-living facilities have clearly been the hardest-hit. Many who haven't had their health impacted directly have seen their lives change indirectly and find themselves in isolation and one of the issues is the ability to handle their own finances.

For many, confronting a loss of financial control later in life is debilitating and frustrating. And yet with a little empathy and planning, setting our seniors up for financial success can be of great comfort.

I know this first-hand. Mom is in an assisted-living facility and has always proudly been fiercely independent and financially competent. Being in isolation has frustrated her and while thankfully she is healthy, has a will and power of attorney in place, the feeling of losing control is ever present. She isn't keen on relinquishing or even having assistance when it comes to managing her money. However, she has come to accept it -- for now.

As our family works through this process I'm certain we are not alone.

Here are a few things to consider:

Physical distancing has presented a whole host of new challenges. Although most financial transactions can be carried out digitally, in Mom's case, a video conference was conducted to ensure no one was putting undue pressure on her to sign a document she wasn't ready to sign.

Also, according to Christine Van Cauwenberghe, vice-president, Tax & Estate Planning at IG Wealth Management, "emergency measures legislation has now also been put into place to allow certain legal documents (such as wills and powers of attorney) to be signed and witness remotely, although not digitally. Having said that, many lawyers are finding the procedures to be too cumbersome, and are instead implementing 'curbside' services to ensure all the proper protocols have been followed, particularly with respect to ensuring that no other family members are present who might be exerting undue influence.”