Unexpected and life-changing events occur that can catch you and your family off-guard and ill-prepared to deal with the circumstances.
This is one of the primary reasons people create one power of attorney (POA) for healthcare and another for legal and financial purposes. Have you created yours?
In charge of medical decisions
Any kind of accident that causes severe injuries can happen at any time. If you suffer a type of injury that leaves you incapacitated, how would you communicate with a doctor or other healthcare professionals? If you have a POA for healthcare, the person you appoint as your agent can step in and make medical decisions as you have directed, even if your condition requires end-of-life decisions.
Help with legal and financial matters
If you become incapacitated, you will also need a trusted relative or friend to manage your legal and financial affairs. This might include interacting with the Social Security Administration, paying bills and preparing your taxes. This kind of POA is also advisable for elderly people who simply need occasional help in managing their financial and legal affairs.
Proactive drafting
If you are a senior citizen and do not already have powers of attorney, you should not delay in creating these documents. Age brings the possibility of some form of dementia and POAs are only legal if the principal who signs them is mentally competent.
Peace of mind
Powers of attorney are among the most popular estate planning tools. Although older people often set up POAs for themselves, they are valuable documents to have for people of any age. Major changes happen in life. Powers of attorney for healthcare and for legal and financial matters will help you and your family manage any life-changing events that may come your way.
