By Maureen T. McKay
One upon a time, I had a client named Jack, whose mother had granted him a Power of Attorney (“POA”). Some years later, Mom’s capacity became questionable. Jack’s sister, Jill, wanted to have Mom create a new POA in her favour that would terminate Jack’s POA. The future of a family business hung in the balance. Someone was likely to come tumbling down the hill. The dispute made quite a few family members unhappy, and quite a few lawyers a lot of money.
“A dysfunctional family is any family with more than one person in it.” ~ Mary Karr
In an earlier article, I wrote about taking responsibility for planning for the succession of our personal and business affairs and threatened that Maureen McKay and I would write subsequent articles to explore this topic.
My wife, Maureen McKay, is the love of my life, so it is only natural that I want to be sure that she will be well taken care of when I pop off. And since I am now 70 years old and she is quite a bit younger than I am, it only makes sense that I would try to put some things in order to make it easier for her to go shopping when I nod off for the last time.