Obtaining A Power Of Attorney For Elderly Parents
Making important decisions for aging parents can be challenging, but obtaining power of attorney (POA) can provide peace of mind and clarity in times of need. A POA enables individuals to make crucial decisions on behalf of their parents, such as managing finances or making medical decisions, when they are unable to do so themselves due to age or illness.
While it may be difficult to approach this topic with your parents, having these discussions early on can help ensure that you follow their wishes if their health changes over time. Starting the conversation with empathy and understanding can make all the difference.
In this article, we'll explore how to obtain power of attorney for elderly parents and provide helpful tips on how to approach these discussions with warmth and care. Our ultimate goal is to ensure that your aging parents receive the best possible care and support.
What is a POA?
A power of attorney (POA) is a legal document that provides a person, or several individuals, with the power to perform actions on behalf of someone else. The individual with a POA is called an agent, whereas the principal refers to the person who is having their affairs managed by others. Agents can only perform actions outlined within the POA document. Additionally, if someone agrees to a POA, they can still make their own decisions as long as they are coherent, meaning the agent cannot make exclusive decisions on behalf of the principal.
Types of POA
There are different types of POAs, each serving a unique purpose:
General POA: The agent can manage the principal’s affairs for a specific period, and the principal may revoke this at any point. These automatically finish if the principal becomes incapacitated and are common when an individual can still see to their affairs but prefers someone else to handle them.
Durable POA: These continue after the principal becomes incapacitated and are more common when someone cannot manage their affairs. They can conclude in various ways, including the principal’s death or the completion of the conditions within the POA document.
Springing POA: This POA takes effect only if the principal becomes incapacitated, allowing the principal to remain in control of their affairs until they lose capacity.
Medical POA: This allows agents to make the principal’s medical decisions and lasts until the principal is competent. It might also expire after a certain period specified in the document.
Limited POA: This restricts the agent’s ability to make decisions to certain tasks outlined in the POA document, such as paying bills or selling a house. Limited POAs are usually temporary and end when the principal loses capacity.
Why and When to Consider a POA for Your Aging Parents
Here are common reasons why individuals may consider getting a POA:
Finance Issues: POAs enable individuals to manage their parents’ finances and continue paying their bills when their parents struggle to fulfill these obligations.
Serious Illness: Having a POA allows elderly parents to focus on recovery and reduces the stress associated with managing their affairs.
Memory Issues: A POA is helpful if a parent develops dementia. It is necessary to obtain the POA before the parent loses capacity.
Surgery: When an elderly parent undergoes surgery, a POA allows someone to make decisions and manage their affairs until they recover.
Frequent Travel: For parents who travel frequently, a POA ensures their affairs remain in order while they are away.
How to Choose a POA for Your Parents
When considering a POA for your aging parents, trust is crucial. Choose someone you can rely on to make decisions in your parents' best interests and follow their wishes. While family members are often chosen for this role, consider whether an objective outsider, such as a lawyer, accountant, or financial institution, might be better suited, although this may come with additional costs.
Before agreeing to be a POA for your parents, have a thorough discussion with them to understand their needs and preferences. Different types of POAs have different levels of responsibility, and it's important to clarify what your parents expect from you. For instance, helping with medical decisions requires more involvement than financial decisions.
Finally, understand the financial implications of becoming a POA. You will need to keep your finances separate from your parents' and be prepared to justify any decisions to avoid legal issues.
Conclusion
Choosing a POA for your aging parents is a significant decision, and it's essential to approach it with care and sensitivity. By having open and honest discussions and seeking objective advice, you can ensure that your parents receive the best possible care and support. Discussing power of attorney with your elderly parents may be a sensitive topic, but starting these conversations early can bring peace of mind and clarity for the future.
Approach these discussions with empathy and understanding. Let your parents know that you are there to support them and will only use the POA powers if absolutely necessary, reassuring them that you have their best interests at heart. If needed, seek guidance from an experienced estate planning attorney who can provide objective advice and alleviate any concerns your parents may have.
This article is a service of Zarda Law, S.C. We do not just draft documents; we ensure you make informed decisions about life and death, for yourself and the people you love. That's why we offer Legacy Planning Session, during which you will get financially organized and make all the best choices for the people you love. You can begin by scheduling a Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
