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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.

Preventing power of attorney problems at the bank

Individuals who choose someone to act on their behalf want to avoid potential horror stories at all costs. British Columbia residents who are choosing someone to act on a power of attorney should be mindful of what it takes to do the job. One of the issues they could come up against is whether a bank will trust that individual since it is incumbent upon banks to safeguard people's finances.

Common sense should accompany a power of attorney

Fraud has long been associated with some aspects of estate planning. British Columbia residents who are planning their estates and deciding on someone to look after their power of attorney should take the time to make a prudent decision and choose someone they trust implicitly. A power of attorney is an extremely potent document and the person chosen to act on someone else's behalf, should the person be unable to do so, needs to be someone who can manage a grantor's financial affairs responsibly.

Power of attorney: Common sense should prevail

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.

Power of attorney: It's a matter of trust

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.

What older residents should know about power of attorney

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.

How much authority does a power of attorney really have?

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.

Power of attorney essential for those with dementia

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. 

Power of attorney and the abuse of the British Columbia elderly

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.

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