The written document that you make, which gives someone that you have appointed the power to make decisions for you regarding your property or finances when you are unable to do so, is called a power of attorney.
If you are residing in Canada, then you should draw up this document.
Ten reasons why you should draw up the power of attorney document
1. You can make a sound decision to elect the person who shall represent you in court if you are unable to. It eliminates the chance of the court deciding on your behalf. When the court chooses to on your part, it may not always reflect your wishes, which can be conveyed appropriately by your power of attorney.
2. A trusted person who elected power of attorney will be able to express your wishes and desires in court far better than anyone else.
3. You can avoid the need to find a person to appoint in the role of guardianship if you become incapacitated.
4. It eliminates the chance of the court’s questioning your intentions when you incapacitated. You are already selecting your power of attorney form beforehand, and in such a situation, your wishes will be conveyed by them without any hassle.
5. With a power of attorney, you can prevent the delay that happens in court during an emergency when you cannot decide for yourself. This can be quite beneficial as it can save a lot of money by not letting it go to court and get dragged.
6. With a power of attorney, you can avoid a case of financial abuse.
7. It will allow the person you have appointed as power of attorney to discuss with other agents regarding your other documents. For example, if you become unable to talk to your insurance policy company, without a power of attorney, the policy company may refuse to discuss your agreement with your loved one.
8. A power of attorney gives your preferred person immediate access to critical assets, for example, a safety deposit box to pay bills for you when you are unable to.
9. A power of attorney for personal care can also be drawn up for you, which will let your selected person convey your desire regarding religious and cultural values when decisions are taken in court on your behalf. For example, your power of attorney can specify that the food given to you must be kosher.
10. It gives a sense of peace to everyone. It gives you the power to make decisions for yourself, even when you are unable to.
Contact a lawyer right away and take the necessary steps to appoint a trusted person as your power of attorney as you see for yourself how many benefits it had for you!