Media Release
FOR IMMEDIATE RELEASE
January 25, 2023

Make the golden years shine
Estate and financial planning with your aging parents

(Wednesday, January 25, 2023 - Regina, SK) – Almost one in five Canadians are at least 65 years of age according to Statistics Canada. Many younger Canadians play a role in helping and providing care for family members who are aging. In Saskatchewan, nearly 150,000 people are caring for their parents or in-laws.

Each year, it’s estimated that taking care of aging parents costs Canadians $33 billion in expenditures such as long-term care homes, purchasing of specialized equipment, medication costs and more. Additionally, people older than 65 are significantly more likely to experience crime victimization such as phone and online scams. As you and your parents get older, it’s important to talk about estate planning and finances so you can navigate the process together later.

Here are a few tips and considerations to help you talk to your parents about estate planning and their finances:

• Have they set up a power of attorney (POA)? A power of attorney is a legal document that gives a person(s) the authority to manager your money and property on your behalf. A power of attorney should be someone you trust such as a spouse, close friend, or family member.

• How do they manage their money? Talk with your parents about any changes in their financial situation and why they are needed. Help them create a budget if needed and set up automatic payments for bills. Where possible, use direct deposit for income sources.

• What is their preferred living and caregiving arrangements? Do they have any end-of-life care wishes such as burial arrangements, organ donation, etc.? What is their end-of-life care and wishes? These conversations are difficult but important to have. Talk about topics including burial arrangements, organ donation, etc. Ask questions about their will including if they have one set up or need to update it and know where it is kept.

• Does something feel suspicious? There are many financial scams which target seniors) including grandparent scams, pharmacy/health scams, online romance scams and more. Talk to your parents about the different types of scams and share tips on how to spot and avoid them such as:

  • If it seems too good to be true, it most likely is. Do your research including asking family and friends for their opinions on the situation.

  • Watch your incoming communications. Does the phone number or email look legitimate? Is the person asking you to share personal information with them? If so, this could be a scam.

  • Is there an urgency to send money? Is the person asking you to provide gift cards? These are big red flags that something isn’t right.

  • Review your bank statements regularly and add alerts to your bank accounts to be notified of any suspicious activity.

Talking to your aging parents about estate and financial planning is an important step to ensure their legacy and wishes are respected. It’s also important to start these conversations early as we can’t predict when an illness may occur or whether an illness may cause mental incapacity, and by the time something happens, it may be too late to prepare. Having a plan and continuing to review the plan with your parents frequently will ensure their financial affairs will be handled when you are unable to do so.

These conversations don’t have been done alone. Financial and wealth advisors are a great resource for you and your parents to connect with and help you through this journey. To learn more about how Conexus together with Thrive Wealth Management, Conexus’ financial planning firm, can help, visit Conexus.ca.

- 30 -

For media inquiries, please contact:

Conexus Media Relations
Phone: 306-751-8201| Email: publicrelations@conexus.ca

ABOUT CONEXUS CREDIT UNION
Conexus is a forward-thinking, innovative credit union committed to improving the financial well-being of our members and communities. We do this by creating simple, personal, and empowering experiences for our members that are transformational, not just transactional. We are one of Saskatchewan’s largest credit unions and being connected to our communities across the province is a commitment we have upheld for the last 80+ years. As a local co-operative, our profits are returned to our members through our rates, no-fee accounts, community investment and more. Visit Conexus.ca for more information.