Make sure you have valid Power of Attorney for Property (“POA”). This is always important to have but even more so now that you will be having a baby. Without a POA for Property, neither you nor your spouse can do anything with assets you jointly own (except bank accounts). Note that a POA for Property cannot be used to change a beneficiary designation on someone else’s policy or RRSP. This is especially problematic if one of you is incapable … it means the healthy spouse can’t sell the house without a court order (assuming you are both on title). If it is just you on title and you become mentally incapable without a POA for Property, your spouse cannot sell the house without a court order. This is both expensive and time consuming!
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Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.
