Explain to jack and debbie why powers of attorney

Reference no: EM133368804

Case Study: Debbie and Jack married three months ago. Debbie (34) works as a retirement consultant. She has a son, Tim (8), from a previous marriage. She and Tim have no contact with Tim's father. Jack has started the process to adopt Tim as his own son. Jack (36) is an engineer. He travels frequently for his job, across Canada and occasionally to Europe. He also has a son from a previous marriage, Austin (6). Austin visits every other weekend. He really enjoys playing with Tim and considers him a great big brother. Since their marriage, Jack and Debbie have been busy. They arranged a mortgage on their new house in Toronto, and they were each approved for individual term life insurance for $200,000. Through work Jack also has a term life insurance policy with the death benefit payable to his estate. Jack and Debbie have GICs and RRSPs in their own names.

Question: Explain to Jack and Debbie why Powers of Attorney, personal care, and property, are extremely important to this couple. When explaining each, please reference specifics to the couple's situation.

Reference no: EM133368804

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