A comprehensive power of attorney is a well organized and customized power of attorney. In a financial power of attorney, the one signing the power of attorney can delegate an authority to act on his behalf in making certain financial decisions. This does not mean that the person assigning the authorities has got no powers. Here are some benefits of a comprehensive financial power of attorney.
1. Select the Person You Want To Act on Your Behalf
Keeping a comprehensive financial power of attorney helps you select the person you want to act on your behalf instead of allowing the court to do so for you. The person in charge can act only if you have become incapacitated. If there’s no power of attorney, it would take a lot of time, efforts and costs for you to assign one when it becomes necessary as you may not be mentally and physically capable to provide the authority at that time.
2. Lets You Discuss Your Wishes with Your Family Members
When you have decided to sign a durable power of attorney, you would have ample time to discuss with your family members on the issues covered in the power. This will help you take a mutual decision towards selecting the agent you want without creating any dispute in the family. Read more in details why power of attorney is actually needed.
3. Asset Protection Planning Is Well Timed
In order to carry out proper planning, a comprehensive power of attorney is needed to assign the necessary powers of the person selected. Inability to do so might cause you to lose money, due to poor timing of the asset protection planning.
4. Provides Complete Peace of Mind
If you are ill and not able to make important financial decisions, under such conditions a comprehensive power of attorney will help you opt for the right person who can make decisions on your behalf. This provides peace of mind to family members as they can stay away from the basic hassle that might be created when you get ill. Read few common types in power of attorney in Canada
5. Gives Authority to Your Agent
In the event of your sudden illness, the agent in charge of the comprehensive power of attorney will have the right to talk to the banks, hospitals and clinics as well as make proper arrangements for your health care and upkeep. If there’s no one to make these crucial decisions, banks, hospitals, clinics and other organizations may refuse to release any information that would help you due to privacy reasons and the fear of not being sued by you when you recover or sued by your estate if you die. This creates frustration for both you and your family members.
For further information and how to apply for a comprehensive financial power of attorney, contact Notarizers by email at Info@Notarizers.ca or by phone at 416-782-5926.