Older people may face various legal and financial concerns. Maybe they are having trouble managing their finances. You might also worry about what would happen if they were incapable of making decisions. Having a power of attorney for older parents might answer these concerns and others.
This post will cover reasons you may want to consider a power of attorney for your older parents. You can learn more about POAs by clicking here.
Why You Might Need a Power of Attorney for Older Parents
Planning for Incapacity
A person could be rendered incapable of making decisions at any moment. However, the risk is higher for older people. Various issues could arise if an injury or illness leads to sudden incapacity. With a POA, your parent knows a trusted person will have the power to make decisions on their behalf.
Financial Management
Some older people might have trouble managing their finances. They might make bad decisions or lose track of important financial matters. Whether out of convenience or necessity, they might want someone else to handle their finances. A power of attorney allows them to delegate these responsibilities to a person they trust.
Avoid Court Guardianship
What happens in the event of incapacity if your older parent does not have a POA? With no designated agent, the courts might appoint a guardian. There is no guarantee a court-appointed guardian will be the person of your or your parent’s preference. Having a POA is a proactive step to ensure your parent’s wishes by empowering the right people.
Ensuring Medical Preferences
Who would make medical decisions for your older parent if they were not capable? Does that person know their medical situation? Would the guardian respect their wishes? A healthcare POA is a way to enforce the medical preferences of your parent. It can also ensure timely decision-making if your parent cannot make decisions.
Prevent Family Disputes
The circumstances around an older adult needing someone else to handle legal and financial matters can be tense. Family members may disagree or want to fight over decisions. A power of attorney can prevent these conflicts. It will outline who has decision-making power and the extent of their powers.
Finally, having power of attorney for older people can provide peace of mind. You know a trusted person will make decisions on your parent’s behalf if your parent is unable to do so. It can also ensure timely action while helping your family avoid the courts.
