Regardless of how much money you have, an estate plan can help secure everything you’ve accumulated in your lifetime.
A well thought-out estate plan may help protect you from financial abuse, theft or fraud. It can also ensure your loved ones are taken care of after you are gone and that your wishes regarding your financial assets are known.
We all become more dependent on others as we age, making us more vulnerable to potential financial abuse. Older victims of financial abuse, including investment fraud, are especially at risk; if seniors lose all or part of their life savings they have less time to recover their financial stability. The effects of senior financial abuse and exploitation go well beyond the pocketbook and can lead to social isolation, depression, anxiety and other negative health effects.
Financial abuse of seniors could include:
- a fraudulent investment;
- an investment that is unsuitable for the senior’s circumstances;
- theft; or
- financial exploitation.
Learn How to Prevent Financial Abuse and Report It
Unfortunately, elder abuse is often hidden. Fears of age discrimination and loss of empowerment keep seniors from speaking up when they are being abused. We encourage New Brunswickers to value and protect our seniors.
FCNB is working with the Province of New Brunswick's Senior and Healthy Aging Secretariat to distribute brochures and conduct presentations across New Brunswick. If you would like to order a printed copy of the brochures found in our Related Documents section, please contact us.
You can also visit the Public Legal Education and Information (PLEIS-NB) for more information about preventing the abuse and neglect of seniors.
The Family Talk You Should Have
Have you talked to your adult children about your financial situation? If a crisis came up, would they be able to find your important documents? A financial heart-to-heart is in your best interest and theirs as well. Many financial institutions provide workbooks to guide these conversations. FCNB has resources and tools on this page to help you get the conversation started.
An Estate Plan
An estate plan might include the following documents: a will and an enduring financial power of attorney, also called a POA.
A financial POA allows you to appoint someone you trust to take care of your finances should you become unable to do so. If you don’t have a POA and become incapacitated, your loved ones may have to go to court to access your bank accounts to pay your bills.
A financial POA is only effective while you are alive. A will comes into effect when you die.
Has someone "given you" power of attorney? You may be wondering what this means, what your responsibilities and obligations are, what you do not have the right to do, and how you can best fulfill this role. We have put together some information that may help you in dealing with powers of attorney for financial matters. For information about powers of attorney relating to personal care, speak to a lawyer, visit the Public Legal Education and Information Services of New Brunswick’s Power of Attorney webpage, or download our PDF on Understanding the Power of Attorney.