Episode 1 of the SMART AGEING, SMART ESTATES podcast 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Outdated documents, an unsuitable appointment or a failure to communicate effectively with family are not mere administrative oversights.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.”

Listen here.

 

This podcast is for general informational and educational purposes only and does not provide legal, financial, medical, tax, or other professional advice. Nothing discussed creates a professional-client relationship. Please consult a qualified professional about your specific circumstances. The views expressed by guests are their own and do not necessarily reflect those of the podcast or its hosts.