My Money, My Choices - Level Five Update

In updating my blog, I thought it was time to revisit our My Money, My Choices progress.  The last I left it we had just finished level four, and were working on five.  Level five has four activities.  The first three we've completed:

1, 2, 3... Make a Will, Designate a  Financial and Personal Care Power of Attorney.  Back in the summer of 2014 we found a lawyer and got these taken care of, but now that we have Little Man, we need to update our will.  That also will take care of activity four which is to appoint a guardian for any children.  So, I've got to dig up our will, and make an appointment with a new lawyer in BC and get these all updated.

Getting a Will

Yes, yes we have finally found a lawyer and set up an initial appointment.

We'll be looking at $700 + GST for $735 for Wills, Power of Attorney and Personal Directives. I have been advocating for both family and friends to have these documents in place...in fact, I have even used the words 'it's the greatest gift that you can give to your loved ones'....and 'it's a selfish thing not to take care of things so your loved ones don't have to'

I've said it so many times that I've been starting to feel like a bit of a hypocrite.

My Great-Aunt is an amazing example of how to stay on top of these....end-of-life documents, for lack of a more rosy-way to put it.  She reviews and updates them  at least on an annual basis.  One of my grandmothers on the other hand has no will, no poa, no personal directive...nothing.  She also is on the slippery down-hill slope of dementia and so there is no one who can legally speak on her behalf...now, I say legally because while I can't speak on her behalf I do advocate for her at every opportunity - but that's a story for another day.

It'll be a few weeks before the i's are dotted and the t's are crossed, but I sure can tell you that it feels great to get it started.

Powers of Attorney....Continued

The Alberta Human Services department as a really good brochure on POAs that can provides a brief overview on the types of POA that exist.  It came up in the comments from the last post; but I thought it was important enough to mention here as well.

First is the concept of 'enduring' a POA agreement by itself would cease to be effective in Alberta once the donor (the person for the the POA is for) becomes mentally incapacitated.  An Enduring POA gives a few more options, namely it can take effect:

• Immediately
• When the donor becomes mentally incapacitated, or
• When some other event specified by the donor occurs.

It my great-aunts case - she chose to give me Enduring Power of Attorney, effective immediately.  In doing so, she also has effectively voided the previous POA agreement that was in place with another relative of hers.  By and large, my family is happy that I will be assuming the role.  I am the closest blood-relation, with a very good personal relationship in the city...everyone else lives 3-12 hours away.  So with regards for appointments with banks etc. I make sense as a practical choice.

...So, what does that mean?  What are my new responsibilities under this agreement?

• To act in her best interests - this includes a duty to protect her interests
• To consult with her, and those who take care of her and with family and friends as appropriate
• To keep accounts, and given an account when called upon to do so including: list of assets, assets acquired and disposed of, receipts/disbursements, investments bought/sold, liabilities, and payments - all with dates and a clear paper trail

Good Reading

• Powers of Attorney Act in Alberta
• Legal Resource Centre of Alberta
• Miller Thomson Law Firm

Power of Attorney

Do you have one?

Are you a representative on someone else's behalf?

Over the last few months I have been working with my great aunt and her lawyers to make some changes to her current POA over to me.  It's right around the corner now, so I thought I would share that with all of you....I'm not going to be renaming my blog, Jessie, Jordan, and Jessie's Great Aunts money - but I might have some new things to write about.

Some topics that I expect will come up will be managing other peoples money, financial planning in retirement, and even elder abuse.

Does anyone have any other topics they might find interesting around POA and the responsibilities or the risks involved?  Drop me a line to let me know!