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The Scenario

Carly’s parents, Bob (71) and Lisa (67) are in the peak of their golden years, living in Victoria BC. They own a home they paid off years ago and are now looking for the ability to move into a an assisted living care home. They are in relatively good health but occasionally have the odd health issue pop up.  They have now reached that chapter in their story where they are relying on Carly for financial advice and their financial well being. What should Carly do to make sure both of her parents receive the best care possible, and having the highest level of financial security for her parents?

The Solution

Establish a power of attorney

A power of attorney is a legal document that would give Carly the power to take care of financial and legal matters for her parents. This could include doing banking, paying bills, or selling real estate on your behalf. It does not allow him or her to make decisions about your personal or health care.

Estate planning

Carly should make sure the estate is planned for and taken care of going into the future.

Have a Will in Place and an Executor 

Carly should also make sure that there is a will in place, and there is an executor to the will as well. This is crucial and will save time, money, and headache going into the future.

Know about your parents’ financial accounts and documents.

To make educated decisions going forward on assisted living options, you will need to know about your parent’s financial documents and accounts. You will need to know about your parents banking institutions, assets, and sources of income.

Identify your parents’ current monthly expenses

Carly needs to find out information on her parents tax returns, credit card debt, vehicle payments, household bills, insurance, and any other monthly payments, as well as how they are paid. She should be aware of automatic deductions being made from any accounts, and whether they choose to bank online or not.

How we would support the individual

Whatever situation Carly would find herself in, we would use our expertise, experience, and our commitment to excellence to provide Carly with the best level of client support and guide her towards the best outcome possible given the facts.


Scenario and Chapter Planning are of utmost importance.  If you have a similar story to Carly’s, reach out to us and one of our experienced advisors will be happy to assist you.

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