PURPOSE OF A POWER OF ATTORNEY – VIDEO TRANSCRIPT
2min 1 sec
Well, you’re not 85 years of age, you’re not on the steps of the nursing home yet, and you want to know whether you need to have a power of attorney. Well the answer to that basically is; yes, you do.
A power of attorney gives to someone else the authority to make decisions on your behalf if you become incapable. You could become legally incapable as a result of an accident or an illness.
A financial power of attorney, it’s called a power of attorney for property; a financial power of attorney gives the person you name the authority to pay bills on your behalf. It also gives them the ability to do banking, make investment decisions, or buy or sell assets.
A healthcare power of attorney gives to the same person, or the person you appoint to be your attorney, the ability to make decisions with regard to; your housing, the type of care that you would receive if you became incapable, and ultimately potentially end of life decisions.
The decisions as to who you choose to be your attorney, whether it be financial or health related, is very, very important and that should be discussed with your lawyer.
Remember, the power of attorney, whether it be financial or health related, is more for the benefit of those you leave to make decisions. It provides clarity, it provides legal authority, and it helps to avoid conflict within members of your family, your extended family.
We strongly encourage everyone to have a power of attorney for property and a power of authority for personal care in place, just in case.