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.