Why adding your kids to the house title will cost you Sep 28th

How to go about securing the best policy for your insurance in Canada.
Latest News
 commercial insurance

ObamaCare's Hotel California Sep 4th

Democrats work to ban an affordable health insurance option..... More »

When are credit-card rewards worth paying an annual fee? Aug 4th

For the last decade or so, Jim and Willina Collins have enjoyed a regular bonus by using their no-fee cash-back credit card to pay for many of their expenses, including holiday flight and accommodation bookings, gasoline, vehicle repairs, and insurance on their vehicles (the couple have a car and a .... More »

Where to find and apply for COVID-19 financial relief Oct 6th

The COVID-19 outbreak has dealt a shock to our economy, shuttering entire industries and leaving many more businesses in limbo, forcing layoffs and loss of income on many people. Fortunately, the Canadian government and several other institutions are offering financial relief for Canadians during th.... More »
 health insurance

What Happens When the CERB Ends? Jun 24th

The Canada Emergency Response Benefit (CERB) is designed to help Canadians cope with the loss of employment as a result of the COVID-19 pandemic. The benefit was about to expire in July for some of the earliest applicants, but it was recently extended by an additional eight weeks. Despite the exten.... More »

When to prioritize debt repayment over saving Nov 7th

In an earlier story, we introduced you to Lindsay Tithecott, a 29-year-old who is trying to pay down debt, build up savings and buy a larger condo. To help her get her finances in tip top shape, we gave her a series of financial challenges, including a rethink of her budget-busting fitness classes. .... More »
Why adding your kids to the house title will cost you
Q: My parents have both of their names on their house as joint tenants. My mother has been diagnosed with dementia and is now in long term care. My dad has trusteeship and guardianship for her. He wants to put his four daughters on the title of the house. How is this done and what is the procedure? Can this be done?
—ST
A: I’m sorry to hear about your mother’s condition, ST. Dementia is a horrible disease.
If your father is a joint tenant on the house and has power of attorney or property for your mother, he is in a position where he can do whatever he sees fit with the house. He has two of two “votes,” so to speak, with the asset. The power of attorney also governs her personally-held assets like her RRIF, TFSA, bank accounts, etc.
Unless your mother’s power of attorney includes limitations, which they rarely do, your father can make whatever financial and property decisions your mother otherwise could if she was of sound mind. The only general limitations are that an attorney cannot draft a new will for the grantor and cannot change a life insurance policy beneficiary…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!