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Preparing a Power of Attorney (view source)
Revision as of 06:34, 22 March 2018
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{{REVIEWEDPLS | reviewer = [[Kevin Smith]] |date= March 2017}} | {{REVIEWEDPLS | reviewer = [[Kevin Smith]] |date= March 2017}} | ||
{{Power of Attorney TOC}}A '''power of attorney''' is a legal document in which you authorize another person to take care of financial and legal matters for you. It is one of several options for “personal planning”, which involves making arrangements for while you are alive but may need assistance. | {{Power of Attorney TOC}}A '''power of attorney''' is a legal document in which you authorize another person to take care of financial and legal matters for you. It is one of several options for “personal planning”, which involves making arrangements for while you are alive but may need assistance. | ||
[[File:Powerofattorneysigning.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | [[File:Powerofattorneysigning.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | ||
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===For financial and legal matters=== | ===For financial and legal matters=== | ||
A power of attorney is a simple and inexpensive way to arrange help with your financial and legal affairs. It is the most common way to ensure the person of your choice is able to step into your shoes and handle your finances if you become incapable of doing so. | |||
But there are other planning options to be aware of. | But there are other planning options to be aware of. | ||
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If your income is directly deposited into your bank account, you could set up a '''joint bank account''' with a trusted relation or friend. That person could help you with paying bills and making withdrawals. (A joint bank account introduces some risks that other planning options don't. For example, any person named on the joint account is able to withdraw money at any time. As well, if one of the account holders dies, the surviving account holder becomes the owner of the account.) | If your income is directly deposited into your bank account, you could set up a '''joint bank account''' with a trusted relation or friend. That person could help you with paying bills and making withdrawals. (A joint bank account introduces some risks that other planning options don't. For example, any person named on the joint account is able to withdraw money at any time. As well, if one of the account holders dies, the surviving account holder becomes the owner of the account.) | ||
If you become incapable of making decisions independently, and you do not have an enduring power of attorney or another planning tool in place, your loved ones may need to go to court to get the legal authority to handle your affairs. This is called getting "committeeship". Going to court is an expensive and time-consuming process. There is no guarantee the court will decide to grant the legal powers asked for. | |||
==The time to make a power of attorney== | ==The time to make a power of attorney== | ||