When you first hear about a power of attorney it can sound pretty scary. Like you are being asked to sign over control over your life to someone.
You have far more control available than you might realize. Here’s what you need to know:
You decide what power to give someone
Remember, no one can make you give them power of attorney. It’s a choice you make as part of your estate planning, and you can take it back when you want.
You can choose the scope of their powers
Let’s say you need someone to sign a document related to the house when you are away. You can give someone the power to do that, and that alone. They won’t be able to do anything but sign that one document.
Of course, many people prefer to give a bit more leeway, for example, giving someone the power to sign any documents when they are away or to sign cheques if they can’t. Once again, you dictate the boundaries.
You can choose when they get their powers
You give someone a medical power of attorney. That does not mean they can order a doctor to extract your kidneys and sell them to the highest bidder tomorrow. Typically you would set it up so they can only speak on your behalf when you are incapable of doing so yourself due to serious injury or illness.
Learning more about what powers to give and what limitations to place can help you prepare for all circumstances.
