Garton & Harris

Advantages and risks of a power of attorney outlined

British Columbia seniors may have questions about what the advantages of having a power of attorney are. You want to know the risks as well. There are certain overriding premises that are found in researching this subject.

Having a power of attorney makes it clear to everyone who is responsible for your property, assets and money if you are incapable of managing these on your own. This is applicable to you even when you are temporarily incapacitated. The person you choose has to manage your assets to your benefit and has to be able to show proof and documentation that he or she did his or her best on your behalf if asked to do this. You need to be able to completely trust your power of attorney because he or she will be in charge of your property if you can't be.

Is this person flexible and available? If his or her life is so busy that he or she can't commit to taking care of your company, assets, accounts and bills while you are not able to, you may want to discuss this with your lawyer and think about another person.

The risks of having a power of attorney in place include the possibility that this person will mismanage your assets and property if he or she is not trustworthy. If this person cannot be trusted to make decisions that will be of assistance to you, then you may want to choose someone else.

Is the directive that is in place not specific enough? Is it too restrictive? Not having enough information or being too limiting are two risks that you may want to discuss with your lawyer.

No Comments

Leave a comment
Comment Information

Schedule An Appointment With Us

Send Us An E-mail
Scroll To Top