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ESTATE PLANNING & POWER OF ATTORNEY
On this episode of The Hamilton Real Estate show, Rob Golfi is in the CHML studio with Rick Zamperin and Phil Kuca of Centennial Law Group Hamilton to discuss power of attorney and the importance of having it in Real Estate transactions and as a general rule of thumb. They also talk about Senior Abuse and what can be done about it.
WHAT IS A POWER OF ATTORNEY?
What are the advantages and what are the risks of having a power of attorney? Power of attorney is a generic document that affords the ability of one person to elect another in matters dealing with there own personal affects – Real Property, Personal Property as well as Personal Care.
This document gives control to the elected other to make those decisions pertaining to Real Property, Personal Property and Personal Care on your behalf when you are either absent or suffering and incapacitated. You do have the capacity to make these elections to delegate one person or a group of people to act on your behalf prior to your capacity being compromised. With the older generations and with health concerns, this power of attorney is very important. However, if a power of attorney is not available, a public guardian will be elected and a public guardian does charge a cost for this management in order to affect the separate transactions. For example, a public guardian may be elected to affect the sale of a home and the timing may not be as expeditious as we would all like.
WHY YOU NEED A POWER OF ATTORNEY
Most people surprisingly DO NOT have a power of attorney or proper estate planning plan in place. This may be because no one really wants to plan for their death but in looking at estate planning, you really have to think “What if something were to happen tomorrow” and plan for every scenario. You have to take these considerations in mind because it could very well happen and you need to have a plan in place. Estate Planning can be changed as long as the capacity of the planner has not been compromised. Listen below for more on this Topic!