Imagine that you have been injured in an accident or other emergency. You are recovering from surgery, or you have Alzheimer’s. Who will make your medical decisions for you if you are unable to? Who will pay your bills and manage your finances?
A durable power of attorney can be used by seniors to grant someone the authority to make financial and medical decisions. Although this sounds scary, it is reassuring to know that someone you trust can make these decisions for you if you are unable.
Find out how seniors can benefit from a power-of-attorney.
What is a POWER OF ATTORNEY?
A power of attorney is simply a document that gives another person the authority to act for you. This is called the agent.
You can choose to be your agent. It doesn’t matter if the agent is a family member. You can choose anyone you trust to act in your best interests and follow your wishes.
One agent can be assigned to the job, or several agents. Remember that multiple agents may be given the same task, and they might disagree. It might be more beneficial to distribute the responsibility and assign different agents different roles.
It is crucial that you choose your agent in advance of a need. You can’t choose an agent if you become incapacitated by a doctor. A court will appoint one. Agents are often named by courts to be spouses or members of the same family.
Types of POWER OF ATTORNEY
Seniors will likely need to appoint at least two agents. One agent for financial decisions, and one for medical decisions.
Medical power of attorney. Your healthcare agent can make decisions about your medical care, including who you see and where you live. Your wishes are what they base their decisions and they will follow any health care directives you provide.
Financial power of attorney. The agent will have full access to your financial accounts, so they can pay your bills and taxes, manage your property, and file your taxes. Many financial institutions won’t accept a power of attorney unless they also list the agent on your accounts. Check with your financial institution to verify their requirements. You must name your executor to allow your agent to modify your will and make financial decisions for you after your death.
DURABLE POWER OF ATTORNEY
It is important for seniors to ensure that their power of attorney lasts. For health care decisions, a durable power of attorney is the best. It will remain in effect even if you become incapacitated or are deemed mentally unable due to an emergency, such as a coma, Alzheimer’s disease, or another condition.
Non-durable powers of attorney cease when you become incapacitated. Non-durable powers of attorney are counterproductive for most seniors. You want your agent to be able to make decisions for you when you are unable to speak for yourself.
WHAT TYPES OF POWERS DO I REQUIRE?
You can create a health care directive and a power-of-attorney at any age. You have the right to change your medical preferences or choose a different agent at any moment. You also have the option to revoke your power of attorney at any time.
You will be better off if you get started as soon as possible. If you are deemed incapable by a doctor, you cannot complete, modify, or revoke your power to an attorney.
Moving into assisted living or retiring can be a great way to put your medical preferences in writing and appoint an agent. These and other life events may prompt you to discuss your preferences for health care.
Seniors should plan for the future. As you complete your advance directive, it is a step that you should add to your checklist. Are you thinking about assisted living as part of your plan?
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