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Understanding special, limited and durable power of attorney

Most individuals recognize the importance of naming someone to handle matters on their behalf should they be unable to do so themselves. But does a power of attorney really need to be a single person given permission to access all financial management decisions? For British Columbia families or individuals looking to have another person take on individual tasks, a special power of attorney may be useful to explore.

The difference between a power of attorney and an executor

Many people are aware that they need to name certain individuals to care for themselves and their property should they become incapacitated or pass away. What they may not quite understand is that these two scenarios actually require different types of planning and the naming of distinct types of caretakers. Knowing the difference between a power of attorney and and executor is critical for British Columbia families seeking to plan for the future.

Can power of attorney documents safeguard beloved pets?

Pet owners take many steps to make sure their pets are cared for, especially if the owner has to leave town or can otherwise not care for them. While these short breaks are often planned for, many British Columbia pet owners do not think to put safeguards in place for their pets should they become incapacitated. Power of attorney documents, living trusts, and other preparation can prevent confusion about who should care for a pet in the case the owner is no longer capable of doing so.

How to discuss power of attorney and estate plans with family

When families get together, estate plans are probably the last thing most people want to discuss. It can be an emotional topic for many, and can feel quite morbid to raise during the usual holiday get-togethers. However, it is important that British Columbia individuals start these conversations with their families, so those who are named as power of attorney or executor have clarity on what is to come.

When is it time for the power of attorney to take over?

When someone is no longer able to care for their own financial well-being, a designated individual takes over. The financial power of attorney is an important tool to help British Columbia seniors and their families ensure finances are taken care of even if capacity diminishes. But, deciding when it is appropriate to turn control of finances wholly or partially over to the power of attorney can be a difficult balance, especially for those who value their independence. Experts recommend looking for certain signs to determine if the time is right to enact a power of attorney.

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