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I am a Capacity Assessor in the province of Ontario, Canada. Although Capacity Assessment may apply to all adults my discussion here is referring to adults over the age of fifty-five, that is, the new retirement age for many people.
As we age it might be wise to stop and think for a moment of untoward things and untoward turns of events that could lead to mental inability. Not pleasant to think about but I'm daring to say that sometimes the world tends to look at us differently simply because we are aging. Scary, isn't it?
The aging process does not have to be scary but let's face it, as we grow older it is time to think ahead and safeguard our retirement and our family's legacy. Ways of doing this include naming Power of Attorney for property (finances) and for personal care while our soundness of mind is not being questioned by anyone.
Appointing Power of Attorney must not be taken lightly. If no restrictions or conditions are placed in the Power of Attorney document when it is executed, then the appointed Power of Attorney is able to make for the person granting the Power of Attorney any decisions that the person could make for themselves, if of sound mind, except draw a Will. If the executed Power of Attorney is continuing, then the person named as Power of Attorney is able to continue making decisions for the grantor when they are no longer of sound mind. Of course, this means that you have to choose wisely and completely trust the person, or persons, you appoint as your Power of Attorney whether it be for property or personal care.
So, who to appoint? First we usually think of a family member. Generally this a good thought, however, there are some things, which must be considered, such as the person's age, the person's ability to be able to manage your affairs, and how the rest of your family may react to your choice. Ultimately the choice is yours whether you choose a family member, a trusted friend or perhaps a law firm. It is good to seek legal advice prior to making a decision and you may be advised to name two people, rather than one, as your Power of Attorney. If two people or more are named as your Power of Attorney, then other considerations have to be stipulated in the Power of Attorney as to whether those named will be allowed to make decisions for you jointly or severally. All things considered, the appointing of your Power of Attorney must be given careful thought and not taken lightly.
Obviously there is a lot more that can be said on this subject of aging and planning for the matters of your finances and personal care should you become incapable to manage your own affairs, however, my objective here was to perhaps get us thinking about these important things while we still have the needed ability to plan for our future.
About this Author
Barb Wilson Meyers is a Registered Nurse, Capacity Assessor, Therapeutic Touch Practitioner and is also the owner of Hoodsland Internet Sales of Gifts and Collectibles. For more articles and to receive a discount on any purchase made from Hoodsland please visit: http://www.hoodsland.com/blog/articlespg2.htm For animal stories and to receive a discount on any purchase made from Hoodsland please visit: http://www.hoodsland.com/blog
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