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Email this6:42 pm
April 7, 2017
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After reading here about who accepts POA and an out of province Will I am beginning to see the need of security, ease of managing funds vs obtaining a good rate. And keep in mind some of us had to push hard to get answers from the lower ranks working at the FI and makes me wonder how reliable or unreliable the response was.
Today I confirmed with my notary:
POA
Working with a POA the document must be the original copy. Am I going to risk mailing it (the only copy) and expect it to be returned? NO! Will they accept a copy of it with a notation as I have experienced before? Will some accept a notarized copy? And keep in mind if you take it to and FI as obvious as it is....make sure you tell them NOT to remove the staple and make sure it remains clean of coffee rings and doodling.
Some of the HIGH INTEREST FI's need to lay it out in writing and GET RESPONSIBLE to their clients!!
WILL
Is only legal in the province you live in and it is up to you to confirm (and be up to date) with the province where you have your investments. I assume you are safe if the FI has an office in your province. Oaken (Home Trust) is in BC, AB and ON. Peoples BC only. And all those FI's in MB only. BNS, RBC, BMO etc all have online brokerages with alternate presence (Bank Branches) in most provinces making them safe? And keep in mind if you take it to and FI as obvious as it is....make sure you tell them NOT to remove the staple and better yet get a few notarized copies and leave the original at home.
So once again:
Some of the HIGH INTEREST FI's need to lay it out in writing and GET RESPONSIBLE to their clients!!
You worked hard for your savings......make sure you can access it as planned.
So I now ask.....in your experience what national online brokerage has the best GIC rates?
Thanks for reading.
Ps. Peter, I believe you have set parameters for any FI that wants to be involved......could the parameters include their POA and Will acceptance process for each province and proof it is clearly noted in their Terms and Conditions?
Pps. I know there are some of you out there that are wondering ... why this is important. I always thought; make sure everything is joint (JWROS Joint with right of survivorship) but what if you are not in that trustful position, and if you are what if an unexpected tragedy? Once you see how life works and have been an executor and seen a relative forget to pay for life insurance and unexpectedly pass away at a young age you will see the need. Or a relative buys mortgage insurance and then later reports has high blood pressure and once again unexpectedly passes only for the spouse to find that the mortgage insurance dropped from 100% coverage to 50% you will see the need. Buy life insurance for life NOT mortage insurance for the 20 year term. So once you begin saving and more so in a registered plan......GET A POA AND A WILL. I know you are young and invincible and have no one to trust. But there must be somebody. And as life changes you change your Will and POA and revoke your previous legal documents. No one has your best interests better that what YOU have.
7:03 pm
October 27, 2013
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It is not true that a Will is only valid in the province in which you reside. What tends to be important is that the Will be drawn up in the province in which you reside, so that it is easier to probate, etc. There are some quirks which can hold up the process and/or cost extra money and time if an out-of-province will is probated in province of residence. Be kind to your executor and have it changed for the province in which you reside. For the most part, all jurisdictions in Canada will honour a Will from any other jurisdiction in Canada and I believe that is true for all US states (though codicils are sometimes recommended to handle quirks of US family law being different here and there).
I moved jurisdictions a lot in my career and the important thing was to draw up wills, POAs and health directives for the jurisdictions in which one resides.
7:15 pm
October 21, 2013
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I think that in matters that are this important, everyone should seek their own legal counsel. Even the advice may vary according which province you live in.
7:41 pm
April 7, 2017
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Thank you.
Today my notary gave me this info. And in hindsight when I did probate for my mother she had everything in BC and probate was paid to the BC government. So would my investments in MB be subject to MB probate tax?
Ps. I live in BC with a Will drafted in BC.
9:25 pm
October 27, 2013
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Your investments are probated in the province of residence.
But as Loonie said, most of us here are not qualified estate/family law lawyers. Seek your own advice albeit googling materials online from legal firms is helpful.
8:06 am
October 15, 2015
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Where do you live? If you are concerned about banking where you live then i'll bet that limits you quite a bit. For me, eq bank and peoples trust were the 2 banks who most solidly accepted power of attorneys and have good rates. Another advantage is they are both cdic insured and eq bank has a security guarantee.
8:25 am
December 17, 2016
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What's EQ bank's "security guarantee"?
8:50 am
April 7, 2017
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christinad said
Where do you live? If you are concerned about banking where you live then i'll bet that limits you quite a bit. For me, eq bank and peoples trust were the 2 banks who most solidly accepted power of attorneys and have good rates. Another advantage is they are both cdic insured and eq bank has a security guarantee.
BC. Does EQ and PT cover POA and Executor clearly in their T&C?
Ps. While EQ has CDIC and a good rate.....no joint account is not a good choice for income tax reasons and accessibility. But a good choice for a single person for sure.
9:23 am
April 7, 2017
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Top It Up said
What's EQ bank's "security guarantee"?
https://www.eqbank.ca/general-banking/legal/security-guarantee
9:34 am
December 17, 2016
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Doesn't EVERY bank offer that guarantee for their online banking.
11:54 am
October 27, 2013
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Top It Up said
Doesn't EVERY bank offer that guarantee for their online banking.
Indeed. Nothing out of the norm there.
1:26 pm
October 15, 2015
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Read this paragraph
Our Commitment and Guarantee
If Unauthorized Activity1 is conducted on your account through our mobile and online banking services, you are protected and will be reimbursed 100% for any resulting losses to your account, provided you have met all of your responsibilities under the terms of your Account as described below.
Show me another online bank, other then the big banks that offer this guarantee. Read the security pages carefully of these online banks and you'll see no guarantee at all. They state it is your responsibility in fact, at least in the case of People's Trust and Hubert. I've looked at a lot of banks because security concerns me and I read the terms and conditions. Oaken is the only other one I know of with a security guarantee. I can't say I did an exhaustive search though as i'm not interested in banking with more banks.
1:58 pm
December 17, 2016
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Achieva will reimburse you in the unlikely event that you suffer a direct financial loss due to unauthorized activity in your accounts accessed through Achieva Online Internet Banking or Achieva Mobile Banking provided you have met your security and other responsibilities. That means you must abide by all the terms of Achieva’s various agreements; such as Achieva’s Account Terms & Conditions, the Member Card Agreement, Privacy Policies and any other agreements you have entered into with Achieva Financial.
2:06 pm
October 15, 2015
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Thanks I didn't know that. As I said I didn't do an exhaustive search. I still say not all banks guarantee security though. Personally if I were Cranston what I would do is create a table with the banks on the left that accept POA and then columns for each feature of the bank that is important to him so he can compare them with check marks and even prioritize which features are important to him. I feel confident in my bank choices but that doesn't make them right for other people.
5:30 pm
April 6, 2013
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Cranston said
…. And in hindsight when I did probate for my mother she had everything in BC and probate was paid to the BC government. So would my investments in MB be subject to MB probate tax?Ps. I live in BC with a Will drafted in BC.
Manitoba probate tax could apply if you had another will that dealt separately with your Manitoba investments. That other will would be probated separately in Manitoba.
In such cases, your BC will would not include the Manitoba investments. So, you won't be paying both BC probate tax and Manitoba probate tax on those investments.
Not all provinces allow an executor to apply for probate on part of the deceased's estate. I think Ontario does. Not sure about BC and Manitoba.
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