2022 Wealth Matters Webinars

Brought to you by Servus Wealth Strategies
Thank you for your interest in our Wealth Matters Webinars 2022. 
​To register for topic(s) of interest, please follow the links below.
March:
April:
May:
June:
July:
  • Jul 27 (60 min): Tax-Smart Investing for Business Owners and New Measures for Private Corporations - https://bit.ly/3IZIk1p
August:
September:
October:
November:
December:
All webinars start at 10 am MST.
Webinars are complimentary to both Servus Credit Union members and non-members
There are no obligations after attending live sessions or listening to recordings.
Servus Wealth Strategies Ltd. is a subsidiary of Servus Credit Union Ltd. offering financial planning, life insurance and
investments.

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Financial Decision Making

There are a number of options available when a person does not, or can not, handle their financial and personal affairs. ​Choose someone you trust to make financial decisions for you while you are alive.

Power of Attorney

A Power of Attorney gives someone authority to handle your financial and estate matters. It is a written document that says someone else, your agent, can step into your shoes and act with the same authority as you have in looking after your finances and estate. You may want to have an agent look after your affairs when you leave the country every winter for a warmer climate or when you become ill. You may give your agent general powers to act with very few restrictions. Or, you may give your agent special powers to act for a specific purpose only. For example, if you want someone to run all your financial affairs such as selling your house, administering your bank accounts, stocks and other investments, paying your bills and so forth, then a general power of attorney is required. 

Enduring power of attorney

You write an enduring power of attorney at a time when you are capable of making your own decisions. It’s a legal document that lets you choose someone, usually a family member or trusted friend, to make financial decisions for you. This person is called your attorney. Although this word is often used to describe a lawyer, it has a different meaning here. Depending on how your enduring power of attorney is written, there are two options:
  1. Your attorney starts making decisions immediately. You and your attorney have control over the money – you can both write cheques, sign documents, etc. If, in the future, you can’t make decisions because you are ill or injured, your attorney takes over – they make the decisions.
OR
  1. Your attorney doesn’t make financial decisions for you until, sometime in the future, you can’t make decisions because you are ill or injured. This arrangement is sometimes called a springing power of attorney because it springs into effect when you become incapable. If you get better, you can take back the power to make your own decisions.
The money is still yours and your attorney has to keep clear records of financial transactions.

Personal Directive

A personal directive is like a living will, which outlines end-of-life wishes, but it’s broader. A personal directive can be about medical treatment, health care decisions, where you live, the activities you take part in, etc. You choose one or more persons you trust to make personal decisions for you if, in the future, you can’t make them yourself because of illness or injury. The person(s) you choose is called your agent.  You write a personal directive when you can still make your own decisions. Your agent does not step in until you need help, which is confirmed through a capacity assessment. If you get better, you can take back the power to make your own decisions. This is also confirmed through a capacity assessment.  If you don’t have a family member or friend who can help, you can ask the Public Guardian to be your agent. You have to ask them before you sign your personal directive.This document is typically signed at the same time as the Enduring Power of Attorney. The Kerby Centre in Calgary can assist adults to write a personal directive at no charge (403-705-3230). ​The Office of the Public Guardian and Trustee has offices throughout Alberta. Find a capacity assessor. 

Guardianship

If an adult isn’t capable of making decisions, they may be vulnerable. When you become a guardian, the court gives you legal authority to make personal decisions for them. If an adult has a personal directive, they don’t need a guardian. If the person is able to make decisions with the support of a family member or friend, consider co-decision-making instead.  

​Co-decision-making is different from guardianship, in that:
  • you make decisions with the adult, not for them
  • you share decision-making authority – e.g. if you are signing a contract for service, you need both signatures
  • the adult decides whether they want to have a co-decision-maker
  • the adult decides who their co-decision-maker is
  • the adult can choose to stop having a co-decision-maker
Co-decision-makers help make personal decisions on anything not related to money, such as:
  • where the adult lives
  • health care
  • education
  • legal affairs
The court may decide that you can help make personal decisions in some but not necessarily all areas, depending on what the adult needs.
Usually a close family member or friend applies to be the co-decision-maker. It helps to have a strong relationship so you can work through decisions together. A person can have more than one co-decision-maker.

Trusteeship

If an adult isn’t capable of making decisions, they may be vulnerable. When you become a trustee, the court gives you legal authority to make financial decisions for them. 
  • If an adult has limited financial assets and only needs help managing income from a government program or pension, such as Old Age Security, informal trusteeship may be an option. Learn about informal trusteeship.
  • If an adult has an enduring power of attorney, they don’t need a trustee. Some power of attorney arrangements end when the adult loses their capacity to make decisions. Read the legal document carefully.
  • If an adult owns land or has multiple bank accounts and/or investments, their finances can be complicated. In that case, it’s a good idea to use a lawyer to complete the trusteeship application.
Usually a family member or a friend applies to become a trustee, but it can also be a trust company.
If no one is willing or available, the Public Trustee can become the trustee when it’s in the adult’s best interests. If you know someone who needs this support, complete this form: Referral form (PDF, 389.4 KB)