Does my friend need a will or a power of attorney?
A unmarried friend has no relatives or children here in Canada, and has some valuables, a life insurance policy, and some Canadian bank accounts. She lives in Ontario.
She would like everything turned over to her mom (her closest living relative) in Asia in case she dies.
Whenever she was asked to name a beneficiary in these accounts, she had specified her mom.
She can entrust me to file the paperwork to do it. Does she need a will or a power of attorney to be assured that this gets done by me (or can be done by me)? Will it cost a lot of money to prepare the authorizations I need?
She would like everything turned over to her mom (her closest living relative) in Asia in case she dies.
Whenever she was asked to name a beneficiary in these accounts, she had specified her mom.
She can entrust me to file the paperwork to do it. Does she need a will or a power of attorney to be assured that this gets done by me (or can be done by me)? Will it cost a lot of money to prepare the authorizations I need?