February 23, 2012 08:00 ET
TORONTO, ONTARIO--(Marketwire - Feb. 23, 2012) - As the February 29th deadline approaches to make a contribution to a Registered Retirement Savings Plan (RRSP) and as part of its ongoing commitment to improving financial literacy, BMO Financial Group will be providing daily retirement tips during the month of February from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement…And How To Rescue It.
Tip Number 45:
Make the Right Decisions around Joint Accounts and Ownership
Many people own property and investments jointly with another person as a way to give the other person the ability to access the money during their lifetime. It is important to understand the implications and risks of such arrangements, particularly if you make an account joint with an adult child.
Tip Number 46:
Consider Setting Up a Power of Attorney
Family members are not automatically authorized to act on your behalf if the need arises. You might presume that a spouse or common-law partner can automatically step in and take care of all of your financial or medical affairs but this is not always true. It is best to prepare a document in advance - a power of attorney - to give appropriate authority to your spouse, or to another person who has the acumen to act on your behalf.
For more information on retirement: www.bmo.com/retirement.
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