How to go about securing the best policy for your insurance in Canada.
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Why adding your kids to the house title will cost you
– moneysense.ca
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…
