The elderly are often prime targets to take advantage of, so they need to have protection from being potential prey to unscrupulous financial abusers. British Columbia's aging citizens become more vulnerable to financial abuse the older they get. However, there are safeguards these trusting souls can put into place to prevent a financial disaster, one of which is a power of attorney.
When most people in British Columbia think about estate planning, they probably focus on what will happen to their assets after they pass away. Some especially astute men and women may also recognize the value of granting power of attorney to a trusted loved one in case they lose the ability to make decisions for themselves later in life. However, having a power of attorney can pay dividends at any time and any age should something unexpected happen.
As some people age, they become increasingly reliant on others to look after them. In the absence of close family, some may turn to paid caregivers. There are those who abuse their positions of trust, unfortunately, and prey upon the senior citizens who put their trust in them. A story unfolding in another province may serve as a warning to anyone in British Columbia considering granting power of attorney over his or her affairs.
Planning for the future means being proactive instead of reactive. For many people, this is difficult to do. Barring an unfortunate incident, however, the fact is everyone grows old and preparing for that inevitability makes good sense. Writing a will and setting up a power of attorney are excellent examples. Unfortunately, many people in British Columbia are not ready for what's to come, even though they know they should be.
There are many legal tools available to help men and women in British Columbia transition into old age with fewer worries. Wills, power of attorney and other advance planning directives are excellent methods of preparing for future possibilities. Granting power of attorney, in particular, is a versatile way for anyone looking to secure his or her care or finances down the road.
One of the great benefits of modern health care is people are living longer lives, which means British Columbia parents and their children can enjoy more time together. For some, however, an extended life goes hand in hand with diminished mental capacity. Even those who do not end up enduring full-blown dementia may find they lack the acuity they once had. For that reason, it is important for children to pay attention to their aging parents and watch for signs they may be losing the ability to manage their own affairs. If they are, it may be time to discuss making arrangements such as granting a power of attorney before matters get worse.
As men and women advance further into their senior years, it can become increasingly difficult for many to continue managing their own affairs. One possible solution for a senior is to grant power of attorney to a trusted friend or loved one who can then make complicated decisions on his or her behalf. Making that choice should be done with care, however, and it is okay to keep tabs on how matters progress down the road.
As more and more British Columbia men and women are living longer, they are increasingly faced with making hard choices about how they will be cared for as they age. To willingly give up the freedom to make decisions about one's own life is a difficult choice to make. It is important to look ahead, and try and see the bigger picture in order to comfortably hand that responsibility to another person. And while granting power of attorney may provide comfort in the future, it can also go very badly if the right person is not chosen.
People today are living longer, on average, than ever before, especially here in British Columbia. For some, the reality of this increasing longevity is a decreasing ability to make decisions about their own lives, including finances. A good option is choosing to grant power of attorney to a trusted family member or loved one before the day comes that they are no longer able to take care of themselves. However, much thought must be given when selecting the person who will be making those decisions on their behalf, as one elderly man recently discovered.