Have you been thinking about estate planning recently? Though no one likes to think about their death, it is important to think about those you leave behind and your end-of-life circumstances. This could include the type of health treatment you would like, whether or not you want to live in a nursing home, or how you would pay for all these things. One document that most people should consider for their estate planning needs is a power of attorney. This is an important document that can identify who you want to make decisions for you.
One fact many people fail to recognize when it comes to a power of attorney is that it goes into effect as soon as you sign the paperwork. Why is this important to know? Because who you choose as your power of attorney is a huge decision. It is not one to take lightly.
Your power of attorney can manage your money. If you choose to, they can have access to your bank account and all other financial aspects of your life. If you want to, they can pay your bills, make decisions including where you live, and more. This is a huge responsibility and not one that should be taken lightly. Before choosing someone as your power of attorney, you should discuss it with them first. One of the worst things you can do is put a burden on someone who doesn't want that responsibility.
Make Health Care Decisions
Making healthcare decisions when you're unable to be not ideal, to say the least. But having someone that knows your intentions and will look after your best interest is a must. You can elect someone to make healthcare decisions on your behalf. This is a fundamental aspect of a power of attorney, and one of the most critical reasons to have the document created.
Acts in Your Place- Bills, Banking, ETC
Having someone that can act in your place when you can no longer make decisions is critical. You will never know when something can happen. Being proactive and choosing a power of attorney before these things do occur can give you and your loved one peace of mind.
As you can see, having a Power of attorney in Calgary can be a big deal. It can account for many of the decisions that would need to be made if you were incapacitated. When choosing your power of attorney, make sure to discuss the scope of the job with your potential power of attorney. They may or may not want the job.