Hi, sorry about the diagnosis. The type of cancer is it? My advice is to arrange for the worst up front (which you are actually doing), get it from the real way, and then hope for the best going forward. Talk to a lawyer in your area about preparing a Will, Power of Attorney (medical), and Power of Attorney (non-medical).
The will covers what goes on if you expire (I leave everything to my partner is okay). Name your wife the executor and beneficiary. And a back-up executor just in case. Also, what if your wife dies before you (remote but nonetheless a chance). The will covers contingencies too. The PoA medical allows your called agent (probably your wife) to make any medical decisions you cannot make. Without this document, the doctors plan of action is “keep alive at all costs”.
There may be some circumstances where you’ll rather ‘expire with dignity’. They are personal decisions certainly, but such a record allows you, your wife, as well as your doctors to be on the same web page. The PoA non-medical allows your named attorney (probably your wife) to make all financial decisions if you are incapacitated. Keep paying your bills, managing your investments, etc. It prevents being in place as soon as you pass away.
- 10 years ago from Wichita, KS
- Central Bank or investment company of India
- Chamber of Commerce of the U.S. v. IRS
- Invest till the end of your life
For RRSPs, name your lady as beneficiary. This enables the RRSP to bypass probate and “adds” these to your wifes RRSPs without impacting her contribution room. For TFSAs, name your lady as successor holder (this is different from beneficiary). This enables your lady to take over your TFSAs, doubling her TFSA without influencing her contribution room potentially.
This allows the possessions to immediately transfer to her without going right through probate. She would have to speak to an accountant to see whether there are any fees to be paid. Both you as well as your wife should be on the title to your dwelling as “Joint Tenants with Right of Survivorship”.
This allows the property to stay with the making it through spouse. Thats it. The others of your property (car, collectables), will be distributed according to your Will. Unless you have a will when you complete, you’ll be thought to have passed away intestate. Google “dying intestate british columbia” to determine who inherit your property with no will – it could be your wife anyway. But even so, get a will and PoAs done up. You can do it over the phone/email and meet the lawyer once at the end to sign everything just. Edit: And make a list of all your plans, accounts, account numbers, financial institutions you deal with, passwords, etc.. Which means that your wife knows how to locate all of these things.