October 2018 - Garton & Harris

Power of attorney essential for those with dementia

October 31, 2018/in Power of Attorney /by gartonandharris

When a person receives the diagnosis of dementia, his or her world changes. There are so many things to consider, especially when the diagnosis is made early on. In British Columbia, it is important for people who have dementia to take action to protect themselves financially and that includes having a power of attorney in place in estate plans.

There are safeguards that can be put into place such as having daily limits set on bank and credit card accounts in case the person forgets how much he or she has spent. The capacity to make financial decisions wanes with certain illnesses. It’s important to ensure people are protected and one of the ways to do so is with a power of attorney.

Having someone in place to manage assets when a person is too ill or mentally incapable of doing so is essential for safeguarding finances. A power of attorney is about doing things legally and safely for the person suffering from mental incapacity. Pertinent information can all be documented in a power of attorney such as who will act in a case where medical decisions need to be made.

Those who have illnesses that will progress to the point of them not being able to make decisions for themselves would do well to discuss their options as soon as possible with a lawyer in British Columbia. A lawyer will be able to explain what a power of attorney entails and how it can help his of her client. Discussing legal options may give a person peace of mind knowing things will be taken care of when the time comes.

Estate administration: Options for solo seniors

October 16, 2018/in Estate Administration & Probate /by gartonandharris

Unmarried seniors who have no children or extended family members may have an issue when it comes to their estates. If these British Columbia residents don’t have family, who then will look after their estate administration when it’s a job usually relegated to adult children or some other family member? Naming a corporate executor is a viable option in these cases.

Such an individual can do the same things as a familial executor can do — see to the repayment of debts, pay final taxes, look after property and even arrange the funeral. Some of the nation’s bigger banking institutions might be able to help in this regard. But some provinces have limits as to how much these individuals can be paid — usually 4 to 5 per cent of the estate’s value.

Since the population in Canada is aging, banks have increased the numbers of staff who can help seniors with this issue. The cost of hiring such a concern may be prudent if assets are in excess of $1 million, and by today’s standards and figuring in real estate values, that is not impossible for many seniors. Some seniors who do have loved ones still opt to hire a corporate executor.

A British Columbia lawyer may be able to act in this capacity as well. Seniors who need answers to confusing and complex issues regarding the legalities of estate administration can find them through an estate planning lawyer. Seniors don’t have to fly solo when it comes to having peace of mind when it comes to their estate plans.

Power of attorney and the abuse of the British Columbia elderly

October 3, 2018/in Power of Attorney /by gartonandharris

The elderly are one of the most vulnerable groups in society. It is especially devastating when the individuals who are taking advantage of seniors are the very people seniors most trust. A power of attorney is a very powerful document in British Columbia that grants a great amount of authority to an individual or individuals who are able to make decisions on behalf of the senior who gave them that power.

Anything that is done by an individual with power of attorney that is not in the best interests of the donor can be construed as being abuse. That could mean spending the donor’s money frivolously or personally. It could mean forging the donor’s signature on documents. But abuse can also take the form of coercion — forcing someone to create a power of attorney against his or her wishes.

Anyone acting on a power of attorney must keep accurate financial records and has to be able to account for the funds and property of the donor. Under the law in British Columbia, if a lawyer is acting on a power of attorney, he or she is only bound to the donor and to the Public Guardian and Trustee. He or she does not have to answer to the donor’s family members.

There are very definitive laws that accompany estate planning documents such as a power of attorney. A British Columbia lawyer might be able to prevent abuse from occurring by limiting the authority of the individual named to act on donor’s behalf. An astute lawyer will make sure the document has the best interests of his or her donor client at heart.

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