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A SOLINVEST CLIENT EDUCATION GUIDE

Who Will Speak for You?

Building trusted relationships before you need them

Prepared by

Coreen T. Sol, CFA

Senior Portfolio Manager · CIBC Private Wealth, Wood Gundy

As of June 26, 2026 · Educational reference · Not legal or tax advice

 

 

Educators spend decades fostering their role as a self-directed decision-maker and leader. After retirement, however, that strong career identity can sometimes make the shift from independence to reliance on others more difficult. The key to a successful transition is to engage the right people before you need them.

Choices become more complex as we age, just as cognitive stability wanes, the ability to adapt and manage stress declines, and people increasingly prefer to avoid negative events and decisions. It is easy to dismiss this evolution because the rate of change is almost imperceptible. Compounding the issue, unexpected health events can occur at any age and cognitive changes are uncomfortable to acknowledge. Their impacts, however, can significantly influence your future.

Without a plan, informal relationships or professionals selected by others may step into important decision-making roles despite your intentions. Taking early steps to cultivate trusted relationships with those who may one day make legal, financial, and healthcare choices on your behalf is critical to ensure your well-being throughout the rest of your life.

To help with this planning process, below are sensitive considerations often missed when selecting representatives.

The customary approach to name a spouse, child, or close friend as power of attorney (POA), trustee, or executor feels practical on the surface. It avoids professional fees and keeps decisions within the family. But this may be a false economy.

These roles are not symbolic; they are operational. They require time, judgement, emotional resilience, and technical knowledge. Acting as an executor, for example, involves legal filings, tax reporting, asset distribution, and coordination across institutions. Completion may last months or years, and improper execution carries liability risks. Additionally, if you consider naming a friend as trustee, you may be calling on them to act on your behalf for decades, with little or no compensation.

Also, there are longstanding conventions to name the oldest child or first-born male child as executor, or to assign legal responsibilities based on proximity rather than capability.

It is common to default to familiar choices (familiarity bias) or decisions that feel pre-ordained because they are easier to make and often help avoid difficult conversations. However, these plans should not be about tradition; they are about execution under pressure and the person best suited is not necessarily the oldest or the most available.

In British Columbia, executors are entitled to fair and reasonable compensation capped at about 5% of the estate value, regardless of whether you name a family member or professional. Naming a family member or friend, however, can cause hard feelings when the choice of executor feels like favouritism; the executor feels overwhelmed when the time comes to act; or the executor collects fees from the estate to the detriment of other beneficiaries. What begins as a cost-saving exercise can lead to delays, errors, and fractured relationships.

There is no better time to establish your representatives than now.

1. Healthcare

In B.C., a Representation Agreement establishes specific health directives and appoints a key individual to manage healthcare choices. This role is well suited for a family member or close friend, if not a spouse. You may also wish to pick more than one person to lessen the burden of difficult life decisions but beware that disagreement may become problematic.

2. Fiscal management

If you share a home, passing financial responsibilities to the person with shared interests makes sense. Regardless of whom you select to manage your financial affairs, you can establish an Enduring Power of Attorney (POA) to grant them the ability to execute financial transactions on your behalf, which remains effective if you become incapacitated. Contrary to common concern, a POA cannot use your assets for their own purposes and must always make financial decisions in your best interest. You can also appoint a professional trust company or qualified professional with experience and resources to manage daily or complex financial decisions.

3. Investment management and financial planning

If you rely primarily on pension benefits, you may not need an investment professional now. However, if you have substantial assets or plan to downsize your home, consider establishing a relationship that you can count on when the time comes. A discretionary portfolio manager will create a written personal Investment Policy Statement to govern your investment management, on which they can rely even if you can no longer manage financial choices. Also, an investment professional who acts as a fiduciary offers the advantage of acting with a higher legal standard of care.

4. Executor

Upon your death, your POA no longer makes decisions, and your executor takes the reins. This individual or corporation executes your will, which involves confirming and registering your will in the B.C. courts. Their obligations include notifying beneficiaries; filing your final and estate taxes; selling and managing real estate and other assets; establishing testamentary trusts; and coordinating the distribution of your will. There are meaningful benefits to hiring a professional in this role, as it allows your loved ones to grieve and focus on personal decisions on your behalf. You can negotiate all professional costs to execute your will at the time of engagement. You may also consider appointing family members as co-executors.

5. Legal

Estate laws are governed provincially, and lawyers’ practices are highly specialized. Therefore, it is essential that a qualified and experienced estate lawyer licensed in your province prepares your documents.

Whether you name a health representative, POA, trustee, or executor, it is imperative to discuss the responsibilities of these roles with the person or professional that you choose to ensure they are willing and able to act when the time comes. Also, consider introducing your advisors, family members, and trusted contacts to create continuity.

The most life-changing outcomes during your retirement will be in the hands of your trusted advisors. The goal is not just to plan, but to ensure the right working relationships are in place. The weightiest decision may be selecting who will make decisions for you.

About the author

Coreen T. Sol, CFA is a Senior Portfolio Manager at CIBC Wood Gundy with over 30 years of experience helping families make disciplined financial decisions. She specializes in behavioural finance, focusing on reducing bias and improving long-term outcomes. Coreen is the author of Unbiased Investor, and is currently researching the non-financial aspects of retirement, including identity, decision-making, and well-being. She invites readers to contribute to her anonymous retirement research survey at unbiasedinvestor.org/the-next-chapter.

Coreen T. Sol, CFA

Senior Portfolio Manager · CIBC Private Wealth, Wood Gundy

Email: Coreen.Sol@cibc.com

Telephone: (604) 661-2310 · (250) 212-1547

Office:  1055 Dunsmuir Street, Suite 2434, Vancouver, BC V7X 1K8

Web:   solinvest.ca

A note on professional advice

This guide is educational. Appointing a representation agreement, a power of attorney, a trustee, or an executor — and preparing a valid will — depends on provincial law, properly executed documents, and advice suited to your circumstances. Before acting, retain a qualified estate lawyer licensed in your province and consult your personal tax advisor. Solinvest works alongside your legal and tax advisors and does not provide legal or tax advice.

Disclosures and disclaimers This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives may receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2026. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.