Transcript: Making Smart Decisions: Considering Powers of Attorney and Joint Accounts - with Antoinette Galloro

[Title Name:  Antoinette Galloro - Senior Manager, Law Clerks, Subject Matter Expert.]

[Music plays.]

[CIBC logo.  Making Smart Decisions: Considering Powers of Attorney and Joint Accounts - with Antoinette Galloro.]

[Antoinette stands and speaks to the camera.]

>> Antoinette Galloro:  Let’s start by reviewing three of the common tools people use to support managing their banking.

[A graphic is shown with a listing titled: Joint accounts. A bullet listing is shown below: Two or more people have ownership; Equal owners of the money; Can withdraw, transfer or even close account.]

Joint accounts are bank accounts in which two or more people have ownership of the same account. If you add someone as an account holder to your account, they become equal owners of the money. This means they can withdraw, transfer or even close the account and take the funds you already have in the account, even though they didn’t put any money in.

[A graphic is shown with a listing titled: Power of attorney for property. A bullet listing is shown below: Document allowing a person (or trust company) to manage your money. This list slides to the left and then comes back and adds a further bullet: You can still manage your own financial matters. The list again slides to the left and slides back and adds another bullet: They can continue to manage finances when you are no longer able.]

If you only need help managing your money and do not wish to give your money to someone else, you could consider a power of attorney for property. This is a legal document that you sign giving a person or trust company that you select the authority to manage your money and other property on your behalf. Giving a power of attorney to someone allows you to continue to manage your financial matters while you are capable of doing so, while also allowing someone else to access and manage your accounts on your behalf.

[A number of scenes are shown: an older woman and younger woman sit on a couch and review documents; an older couple review documentation while listening to a man make explanations.]

If you want, the power of attorney can also continue after you are no longer capable of managing your finances on your own. In the event you do not make a power of attorney document and you are no longer mentally capable of managing your finances, a government or court appointed guardian or trustee may be required.

[To Antoinette’s right, a bulleted listing is titled:  Tools and considerations: Joint accounts; Power of attorney; Consider what works best for your needs.]

[A graphic of a bulleted listing is titled: Important things to remember: Your attorney does not need to be a lawyer; Consult a lawyer if you are able, before making changes.]

It is important to understand all your options, including any risks and benefits, as well as the potential consequences of not having a plan in place that is right for you. Some important things to remember when making your power of attorney is that the person you choose does not need to be a lawyer, and you should not feel obligated to appoint someone just because they are closely related to you. If you are able, consult a lawyer before making any changes.

[A banner is shown: cibc.com/SeniorSupport.]

[A laptop is shown opened to CIBC’s Seniors support centre.]

For more great information, you can visit CIBC Smart Advice and the Senior Support page on CIBC.com or the Government of Canada website.

[CIBC logo.]