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What You Should Know About Representation Agreements

Power of attorney is commonly referenced when discussing estate matters but it’s a topic that can cause confusion. More often than not, a power of attorney gives another person the authority to act on your behalf regarding financial matters should you become incapacitated.

Protecting long-term finances with a power of attorney

Aging is inevitable. And one of the wisest, yet most overlooked things British Columbia residents can do to protect their finances as the years march on is to make sure they have a power of attorney in place. It is best to be prepared for the unforeseen, like not being able to make financial decisions due to incapacity or illness and having a document in place that specifies who will have power of attorney in such circumstances.

What decisions someone make with a medical power of attorney

When people ask others to make decisions on their behalves, they are likely to choose people they trust. Selecting someone to have medical power of attorney (POA) in British Columbia gives that individual the authority to make decisions regarding health care for the person granting the power. In addition to health care, some of the decisions covered by a POA can be about nutrition, housing, hygiene, general safety and even clothing.

Abuse of power of attorney responsibilities may be on the rise

Those who take the time to write their estate plans more than likely give special consideration to whom they choose for specific tasks. Giving someone the responsibilities documented within a power of attorney places great trust in that individual not to take advantage of what could be a very volatile financial situation. It is surprising how many people who are formally given this role in British Columbia and all across Canada abuse it, and very often those who do are adult children.

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