Getting older is filled with many emotions. An important thing to keep in mind while aging is appointing a power of attorney (POA) while you are still capable. Just like with estate planning, you need to also create a reliable plan for a durable POA.
What is a durable POA?
A durable POA is a trusted family member of close friend that is legally granted the right to make certain medical and financial decisions for an individual when they are unable to. You want to make sure that your well-being and your assets are looked out for properly. Any POA can be made a durable POA and different people can be named POA over certain areas, like a POA of estate planning or a POA for medical needs or a POA for financials, they do not all have to be the same person!
How do I get a durable POA?
It is crucial to appoint a durable POA at the right time, like when you are planning all of your other legal documents. During the time that you are estate planning and financial planning, give authorization to someone to act on behalf of your needs when needed. But you also need to be aware of what you are signing, so it is best to do this sooner rather than later.
Keep in mind…
A durable POA is not the same as a springing POA. A springing POA goes into effect when an individual is incompetent or incapacitated, when they are no longer able to make a decision. A durable POA is usually valid before, as well as after.
If you wait too long to appoint a durable POA and are unable to understand what is going on, then someone can become a conservator. This is when someone sort of acts like a POA and is allowed to make certain medical and financial decisions. Remember, this is a long process and can be costly. Of course, this process isn’t as simple as a durable POA, which is why timing is so important.
By reading this blog, I acknowledge that I am not creating or entering a clinical or medical relationship with Dr. DenBoer and SMART Brain Aging. I understand that all materiel included in this blog is strictly for informational purposes only. The content is to provide me with information and knowledge and I will not substitute it for diagnosis, treatment or medical advice. I am aware the author does not hold a medical degree or license and is simply providing me additional information on a variety of health topics.