Canadians who choose someone to act on their behalf financially when they can no longer do so need to make the choice wisely. In choosing a person to act on a power of attorney, British Columbia residents will want to make sure the person is trustworthy and has some financial common sense. Fraud is a reality in some situations, so it's important to give this power wisely.
There are things people can do legally to make sure their financial affairs continue to be in order should they no longer be able to take care of things on their own. A power of attorney is a document that gives one or more people the green light to manage money and/or property on someone else's behalf. There are two types of powers of attorney in British Columbia and the rest of the country: general or enduring.
It's inevitable. Everyone -- if he or she is lucky -- gets old. And when thinking about the future, many British Columbia residents think about estate planning and that includes a power of attorney. Planning ahead for old age is one of the most important things a person can do and that means choosing someone to make crucial decisions when one can no longer do so oneself.
When choosing someone to look after their affairs when they are incapable, Canadians have to keep a few things in mind. Those who hold a financial power of attorney in British Columbia are in positions of authority over someone else's money, so choosing a person who is trustworthy and knows something about finances is pretty important. That being said, there are certain things such a person can't do according to the law.
When a person receives the diagnosis of dementia, his or her world changes. There are so many things to consider, especially when the diagnosis is made early on. In British Columbia, it is important for people who have dementia to take action to protect themselves financially and that includes having a power of attorney in place in estate plans.
The elderly are one of the most vulnerable groups in society. It is especially devastating when the individuals who are taking advantage of seniors are the very people seniors most trust. A power of attorney is a very powerful document in British Columbia that grants a great amount of authority to an individual or individuals who are able to make decisions on behalf of the senior who gave them that power.
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.
In British Columbia, patients who are nearing the natural end of their lives or suffer from a life-limiting or life threatening illness have the right to create a No Cardiopulmonary Resuscitation (No CPR) form.
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.
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.