Power of Attorney
No one wants to think about illness or incapacitation, but the reality is that the longer we live, the higher the odds we will face a health crisis. Planning ahead while you are of sound mind is the best way to ensure your wishes are respected. A Power of Attorney (POA) provides order during a time of disability by legally authorizing someone else (your Agent) to manage your financial or medical affairs if you cannot do so yourself.
Verbal Agreements Aren't Enough
In the legal world, if it is not in writing, it did not happen. You should work with an elder law attorney or personal legal counsel to draft formal documents that transfer decision-making power to someone you trust completely.
The Role of an Agent
Your chosen Agent will have the specific authority outlined in your POA guidelines. Just like a business manager, they must keep meticulous records of all actions taken on your behalf. This includes tracking: - Paid bills
- Major purchases
- Business operations
- Medical procedures
Choosing the Right Person
Most people assign POA to a spouse, partner, relative, or close friend. Before finalizing anything, sit down with your prospective Agent. Confirm they are willing to take on this massive responsibility and will make the exact choices you would make for yourself.
Managing Multiple POAs
You can name different people for your POA of Property (finances) and your POA for Healthcare. However, they must be able to work together. If your financial and medical agents clash, it can stall critical decisions during a crisis. Everyone over the age of 18 needs a POA in place. Do not wait for a crisis to happen—start planning today.