Birth, sickness, aging, and death, are all inevitable in life. As these things are bound to happen to us and we all know it; the least we can do is to keep ourselves ready to face these things. More and more people have become aware of prudent Canadian estate planning, they take steps and make efforts to plan ahead for the various aspects involved, for instance, financially, psychologically, and of course, legally.

But how of many of us know the right way of doing it? Canadian estate planning is not a walk in the garden and definitely, and you cannot do it on your own. You need help; a professional one though. We have seen and observed more and more people suffering from dementia in the later stages of a person’s life and also its potential impact on society and on the family members of the patient. Well, it is the right time that us all to get acquainted with this subject and the concept of Enduring Power of Attorney (EPA).

So what is EPA? We are sure that many of us have come across the phrase ‘power of attorney.’ This happens when a person in authority gives an individual the power to act so that her attorney can do something on her behalf. However, understanding ‘enduring power of attorney’ is something that will last for a longer time. An EPA is completely different from your simple understanding of power of attorney.

Let’s keep it a little simple here, an EPA is a legal document allowing a person who wishes to give his or her power of attorney to someone to take off some or all of the financial matters in the event that the person becomes mentally incapacitated to take prudent decisions. The individual who is assigning the decision authority is called the donor. Against the normal power of attorney, the enduring power of attorney lasts longer as far as the donor is mentally incapacitated.

What are the key advantages of an EPA?

EPA enables a person to better prepare for the possibility that he or she may be subject to any mental problem. If you want to know some of the notable advantages of creating an enduring power of attorney in Kelowna, check out the following:

* The document allows an individual to choose the person or persons who will look after his or her financial affairs in the event of the donor becoming mentally incapacitated.

* As the EPA is created beforehand, it will not require the donor to spend unnecessarily on any external court proceedings.

* EPA offers a cost-effective and efficient way of administering an individual’s property.

To know more about Canadian estate planning, talk to us.