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:

  1. Objections to putting a will in place at any age is often misled. A will is the foundation piece of your estate plan. I've heard many say, "their family will never fight over money.” They will. Or, “I put a will into place years ago.” I would challenge that your financial situation has likely changed, your family dynamics may have altered and the tax laws most certainly aren't as they once were. Putting a will in place will not bring your demise that much sooner but it should create peace of mind to have your intentions clearly laid out.
  2. A power of attorney doesn't mean you relinquish your power over your money but it does mean your designate can step in and manage your money when you are unable or unwilling to do so. This document doesn't replace your will and can be revoked at anytime.
  3. Joint accounts are often explored and if something were to happen to one account holder the other account holder would have access to the funds in a bank account. A word of caution: if a joint-account holder isn't careful and their relationship ends, your assets could be subject to equalization in the settlement. Proceed with caution.
  4. Registered plans such as RRSPs, TFSAs and RRIFs should be assigned a beneficiary but seek advice here in the context of your whole estate as there could be tax consequences leading to an inequitable distribution of assets down the road due to taxes.
  5. Life insurance is a safety net that is never used in a perfect world but invaluable to those who lose someone unexpectedly. COVID-19 has left families reeling and scrambling to make ends meet. It clearly doesn't make losing someone any easier but it could help families tackling taxes, bills, mortgage payments and other expenses a little easier.

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.”