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.
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.
There may be times when decisions pertaining to someone's estate have to be made by other than the estate holder. Someone named power of attorney could act in that capacity -- a relative or good family friend. British Columbia residents could name whomever they choose to make decisions for them. For instance, a power of attorney could cash a cheque on behalf of the principal should he or she be out of town.