One of the MOST important documents to have in place after the age of 18, and especially in the aging journey of life, is a Power of Attorney (POA). This is a legal designation to give the authority to a chosen individual to act on your behalf as a representative in making health and financial decisions. In granting this responsibility to someone means they act in your best interest. With those two types of POA documents, the designated individual can make decisions on their behalf; if incapable to do so or provide assistance in your daily activities. Which type of POA makes the best sense for your situation?
A durable POA goes immediately into effect when signed. It remains effective until the passing of the individual or revoked. This umbrella can be applied to two separate documents medical and financial
The financial POA allows the appointed individual to handle only financial decisions. It can be applied to everyday tasks of depositing checks, paying bills, managing investments, selling assets such as a home, or accessing a bank account. This allows for the easy of security and oversight of their financial profile.
A living will and advance directive are one of the few names also known as a medical POA. This directs the health care decisions, in the case of becoming incapable of making those choices on your own. By granting the decision to a trusted individual, you can be confident your wishes will be carried out.
Understandable these conversations are difficult to discuss as it involves planning for the end of life reality. Let’s look at the pain of not preparing with a POA document? What happens if you do not have a POA in place in an emergency? If a durable POA is not in place and your mental status changes, your decisions are made by the medical staff with your best interest in mind.
It is vital to plan ahead to avoid any unnecessary disasters. Do you and your family favor to cherish moments, without the stress of life’s unexpected situations. Looking for a professional to get your POA in order or have further questions, we can help connect you. Give us a call.