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Preventing power of attorney problems at the bank

September 18, 2019/in Power of Attorney /by gartonandharris

Individuals who choose someone to act on their behalf want to avoid potential horror stories at all costs. British Columbia residents who are choosing someone to act on a power of attorney should be mindful of what it takes to do the job. One of the issues they could come up against is whether a bank will trust that individual since it is incumbent upon banks to safeguard people’s finances.

Banks have the power to reject a power of attorney. They may do this for several reasons including if the document is outdated, if the document isn’t clear or if the document doesn’t conform to the bank’s policies. Banks have also refused a power of attorney because they had never met the person acting on it, the person with the bank account didn’t sign internal bank document or a parent wasn’t able to physically get to the bank to notify the institution that he or she had authorized a child to act on a power of attorney.

If a bank does refuse a power of attorney, there are a few things a person can do. Getting in touch with a lawyer is the first wise idea. Calling the local ombudsman might be another. There is an Ombudsman for banking services and investments in various areas of the province.

When there are problems with banks and a power of attorney, a British Columbia lawyer may be able to step in and mitigate the issue(s). There may be a simple solution with which a lawyer may be able to help such as an issue of capacity. A lawyer may be able to intervene before the issue escalates.  

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Wills are important for having last wishes carried out

September 3, 2019/in Wills /by gartonandharris

Life moves quickly. Everyone is caught up in living his or her own life and often very little attention is paid to the future and to the unforeseen events that might happen. British Columbia residents need to take some time out of their busy schedules to consider fashioning their wills as well as other estate planning documents. It’s necessary to be prepared.

Having last wishes in writing is crucial for them to be carried out. It’s not good enough telling family members. A will provides specific instructions regarding assets and to whom they should be left. Having help to draft a proper and legally binding will makes things go much smoother after a testator passes away. There are things that need to be in place for a will to be binding and a lawyer can ensure those criteria are met.

As individuals write their wills, they should also consider other documents which may be of benefit to their beneficiaries. Those can also include trusts. Each person’s life circumstance is different and getting legal advice when working on an estate plan can be extremely helpful in ensuring that plan in complete. 

A British Columbia lawyer experienced in estate planning can help residents to write wills that adhere to the letter to the law. He or she may also be able to point out various assets about which a client may have forgotten. A lawyer may also be able to advise a client on other documents to round out an estate plan such as a power of attorney or an advance health care directive. 

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