A major life-change such as downsizing often lead to an evaluation of your legal documents including your Will and Power(s) of Attorney. Today’s post features a podcast interview covering this topic with an excellent Wills & Estates lawyer based in Ontario, Canada. Listen to this audio recording, if you are curious about how this may apply to you.
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A driver’s licence* represents independence and freedom for most people since it allows them to drive anywhere and anytime they want. It is not surprising that the elderly feel a sense of loss when surrendering their licence due to gradually declining health. If your parent or family member owns real property and is facing this situation, you should be aware of an important option before turning in their Ontario licence.
Since is Alzheimer’s is a gradual, degenerative disease, your family has probably been dealing with the situation for some time. Likely your Mom or Dad is in the Middle Stage of the disease and you are handling healthcare/personal care decisions on an ongoing basis. Now you are also facing decisions involving your parent’s property such as their financial assets and the family home. The steps you take now are critical to achieving a positive outcome for your Mom or Dad and their care.
A family cottage is often taken for granted when downsizing and/or planning for retirement. However, a cottage is “that piece of real estate that brings families together but can also drive them apart.” Listen in on a frank discussion between two experienced estate lawyers on how to handle the situation. (Video).
The best way of helping your parents downsize depends on who wants them to do so: you, them or all of you. Each situation requires a different approach. Here are some suggestions:
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Downsizing Help 