The Wealthy Barber on why you should protect yourself with powers of attorney if you can no longer care for yourself.
This video is part of The Wealthy Barber’s estate planning essentials video series created in collaboration between RBC Wealth Management Royal Trust and David Chilton. Chilton is the author of bestselling personal finance guides The Wealthy Barber and The Wealthy Barber Returns, and a former dragon on CBC’s Dragons’ Den. Leave a legacy, not a burden™.
Did you know that you could become incapable of caring for yourself at any time? Sadly, “it happens to people much more frequently than you would think,” says David Chilton.
Watch the video to learn more about the many reasons you should have power of attorney documents in place.
David Chilton:Incapacity, a word you hear in the estate-planning field a lot.
What exactly does it mean? Why should you even care?
Well, in estate planning, it’s the physical or mental inability to manage one’s affairs.
The key thing I want to drive home here is that incapacity can hit at any time. It happens to people much more frequently than you would think. Much more, sadly.
The dementia incidence rate, for example, is rising and incapacity often comes on quickly. The mental deterioration does not happen in a linear fashion.
Then there’s accidents that lead to brain injuries. Those can occur at any age. Strokes. A severe illness. A battle with extreme depression that overwhelms someone.
All horrible things but, tragically, they happen. Too frequently.
And that’s why it’s key to have proper power of attorney documents in place.
I hassle my friends about this because, frankly, I know it too often slips between the cracks. They haven’t been on top of this. It’s easy to procrastinate here. Don’t.
Keep an updated will. And get your power of attorney paperwork in good order.
No excuses.
RBC Royal Trust and RBC Wealth Management are business segments of the Royal Bank of Canada. Please click the “Legal” link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse/recommend the content contained in the publication. ®/TM Trademark(s) of Royal Bank of Canada. RBC and Royal Trust are registered trademarks of Royal Bank of Canada. Used under license. © Royal Bank of Canada 2025. All rights reserved.
RBC Wealth Management is a business segment of Royal Bank of Canada. Please click the “Legal” link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse/recommend the content contained in the publication.
® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2025. All rights reserved.
Contact one of our skilled RBC Royal Trust professionals to find out more about the right services for you.
The Wealthy Barber explains the two basic types of powers of attorney in Canada.
The Wealthy Barber on why he’s chosen a corporate executor.
The Wealthy Barber explains why trusts are not just for the ultra-wealthy. They can be used as a legal tool in your estate plan.