She also recommends assigning a conservator or guardian in case you become too incapacitated to make decisions about your assets. This can substantially reduce your risk and ensure your assets go to the people you’ve designated in your will.” Proper Notarization Is the First Step Writing in Forbes magazine, Fletcher notes, “While having two people serve can be cumbersome, it often is worth the extra effort to have an extra set of eyes on the use of the power of attorney.
For this reason, retirement expert Christine Fletcher recommends assigning two separate people as agents. They can happen even among family members who previously trusted each other. Unfortunately, abuses of the POA’s power happen. However, if done properly it can provide you with great peace of mind knowing your wishes and finances are on stable ground.” Can You Avoid POA Abuse? Choosing a power of attorney can be difficult and stressful. It’s no wonder most fraud cases against older people involve the abuse of POA status.Īccording to estate planning attorney Emerita Mercado, it’s crucial to choose your POA agent with care: “This person has enormous power and responsibility for your life because he or she will be charged with ensuring your needs and wishes are met while you’re still alive. A POA gives someone complete control of your life. Your POA agent should be someone you trust with your life. You do not need an attorney to prepare this form. Can a Notary Notarize a Power of Attorney? Springing POA: A springing POA begins when the person who assigns it becomes mentally or physically incapacitated.Īccording to the Women Who Money blog, you should also consider assigning a POA if you:Īssigning a POA will increase your and your family’s peace of mind in all these situations.You might assign one to an accountant who’s filing your taxes. For instance, it’s common to assign a limited POA to a real estate agent who signs your closing paperwork for you. Limited POA: You can assign a limited POA to allow someone to act on your behalf only in specific situations.In most states, a medical POA is separate from a global POA. Medical POA: This allows your chosen agent to make decisions about your health care, including what type of medication to take, who to see as your doctor, and whether you will go into a nursing home.Global or durable POA: A POA that gives someone access to your property and finances is sometimes called a global or durable POA.Similarly, if you want to be sure someone you trust will take care of those things for you, you should assign your own POA to a trusted person. If your family member wants you to handle those things, they can assign you as the agent of their POA. In the worst case, that person could be a hostile family member or a court-appointed stranger. Unless you have a POA that assigns you as your loved one’s agent, you may find someone else has the power to make those decisions. If you think you’ll be able to, you’re wrong. If your parent, spouse, or sibling becomes incapacitated, who will handle their finances and other important personal matters? Who will make decisions about their life? Protect Yourself and Your Loved Ones with a POA At the same time, that also means more people live long enough to develop Alzheimer’s, dementia, and other cognitive illnesses. The population of older people is increasing. We are all living longer thanks to better health and advances in medicine. In that situation, it’s important to know someone is acting on your wishes. You might think you’re covered if you have a will and a medical directive, but these won’t cover you if you become physically or mentally incapacitated. A POA can act on your behalf to sign financial paperwork, purchase a home, divide your property and decide where you’re going to live. A power of attorney (POA) is a powerful legal document that allows someone to make important decisions about your life if you become unable to do so yourself.
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