All About Estates has launched SMART AGEING, SMART ESTATES, a new podcast examining the intersection between estate planning and lifestyle planning.
The podcast is co-hosted by Justin de Vries, a lawyer, founder of All About Estates and principal of de VRIES LITIGATION LLP, together with Susan Hyatt, Chair and CEO, Co-founder of Silver Sherpa . de VRIES LITIGATION LLP specializes in estate, trust and capacity litigation, as well as estate administration. Silver Sherpa Inc. is a professional services company that is unique in the elder management space.
Estate planning and elder management ordinarily operate as separate disciplines. SMART AGEING, SMART ESTATES brings both perspectives into a single discussion, providing listeners with a more complete view of smart ageing and successful succession planning, including the benefits and potential pitfalls. The discussions are lively and interactive.
Episode 1: Powers of Attorney
Episode 1 examines powers of attorney. A power of attorney for property grants someone you choose the authority to manage your money and financial affairs when you can’t, an arrangement that can sometimes lead to conflict, strained relationships, or even litigation. A power of attorney for personal care addresses six distinct domains: housing, nutrition, safety, personal hygiene, health care and clothing. Many clients assume that a power of attorney for personal care concerns only medical decisions. That assumption can leave gaps that become apparent during a crisis, when the scope of the appointment is tested.
Outdated documents, an unsuitable appointment or a failure to communicate effectively with family are not mere administrative oversights. They are conditions from which power of attorney conflicts commonly arise. Accordingly, every adult should maintain current powers of attorney, each naming an alternate and supported by discussions with those affected.
Episode 1 also considers the increasing pressure from financial institutions to execute bank-specific forms, an issue many clients encounter without adequate guidance. As Justin notes: “Resist the temptation to have a separate power of attorney for your personal finances. You can present your general power of attorney to the bank. That should be good enough.”
SMART AGEING, SMART ESTATES is available on All About Estates and wherever podcasts are available.
Listen to Smart Ageing, Smart Estates. Episode 1: Powers of Attorney
