As children grow up and build their own families and careers, it is not uncommon for some to set down roots in a different place than their parents. Parents, too, could choose to retire in a different location than their children reside; for example, perhaps they wish to retire to a quiet community on the coast of British Columbia, or somewhere else relaxing. While these are perfectly understandable decisions, they can become complicated when it comes to estate planning and power of attorney management.While it is possible to act as a caregiver from a distance, there are many challenges that can result from this endeavour.
Many people understand the importance of naming someone to take care of affairs after they pass away. But, what if an individual is still alive but unable to make decisions? In these cases, having a power of attorney named in accordance with British Columbia estate law can make a significant difference. Setting up a power of attorney can be quite easy, and is often done as part of the overall estate planning process.
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.
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.
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.
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 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.
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.
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.
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.