Demystifying the Process of Granting Power of Attorney

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Demystifying the Process of Granting Power of
Attorney
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• Its impossible to know the future or anticipate
  when you may no longer have the capacity to make
  crucial decisions for yourself. While that can be
  daunting, achieving peace of mind is possible
  when you work with lawyers from Edmonton to
  create a power of attorney document.
• You can place essential financial decisions into
  the hands of a trusted individual by designating
  them as your attorney. Drafting a power of
  attorney is an integral part of estate planning
  in Edmonton. However, you may have concerns about
  what they do and how to go about creating one.

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• Understanding the important types of powers of
  attorney
• There are two main types of powers of attorney a
  regular power of attorney, and an enduring power
  of attorney.
• A regular Power of Attorney can be created while
  you have capacity and be specific or general.
  A specific power of attorney is drafted to
  indicate what specific decisions a person is
  authorized to make for youlike selling your
  house. A general power of attorney empowers
  the person you appoint to make all financial
  decisions. It is important to note that this
  type of power of attorney stops working when you
  lose capacity.

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• When estate planning, you will most likely want
  an enduring power of attorney. It is called
  enduring because it remains in effect even if
  you become incapacitated. An enduring power of
  attorney can be drafted so it comes into effect
  when certain events occur when you lose
  capacity or indicate in writing that you wish
  your attorney to manage your financial affairs.
  Like a regular Power of Attorney, it also can
  also be written to be narrow or broad in scope.
  Generally, a broad enduring power of attorney is
  recommended to cover all financial decisions that
  need to be made for you when you cant.

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• Why might you want to grant power of attorney?
• Without a power of attorney in place your family
  could be in a difficult position if you become
  incapacitated and you cannot make financial
  decisions for yourself. The law does not provide
  for an automatic transference of primary
  financial decision-making capabilities, such as
  transferring real estate. To be able to make
  those decisions for you, your family may need to
  spend time going to the court to receive formal
  authorization via trusteeship to manage your
  financial affairs. The process can be expensive
  and time consuming and can be avoided by careful
  planning.

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• Carefully choose a person you trust
• Because you want to empower someone to manage
  your affairs in the event of an unfortunate
  situation, the individual you select should be
  someone you trust implicitly. If married, your
  spouse is an obvious first candidate. Some choose
  other close and trusted family members, such as
  siblings. With an enduring power of attorney that
  only comes into force when youre incapacitated,
  the individual you designate can only manage your
  affairs at the appropriate time. They dont have
  power over your finances until then.

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• Connect with experienced lawyers
• While there are generic forms, its best to
  consult an experienced professional to craft
  power of attorney forms that cover all the
  aspects necessary to you. Doing so provides peace
  of mind you can be confident you havent
  overlooked an important detail that could
  complicate matters later. Working with Will
  lawyers in Edmonton, such as the team at Lypkie
  Henderson, can make this process quick and easy.

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• Protect your documents and plan for the future
• Keep documents related to your work on estate
  planning in Edmonton safe and secure, including
  your power of attorney documents. Youve now
  taken an essential step towards caring for your
  needs in the future. You should periodically
  review these documents to ensure everything
  remains to your wishes. After taking these
  necessary steps, you can focus your attention on
  other important parts of your lifelike enjoying
  a retirement.