Power Of Attorney Guide For Aging Loved Ones

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Does Every Elderly Person Need to Assign Power of Attorney(POA)?

Nobody likes thinking about their parents getting old, but there is no escaping the fact of aging. Everyone gets older eventually, and some start showing signs of mental depreciation sooner than others. Eventually, every adult child will have to oversee his or her parent’s financial and medical decisions; it’s just a matter of when that transition will need to occur. Do not take our word for it, we are not attorneys. Instead take a look at what our GPS specialists have experienced as we have helped many people in the Oregon area with this step. Also check out what our friends a Oregon Bar have to say about the process.

Subsequently, it is important for an adult child to be granted Power of Attorney (POA) by their elderly parent(s). A POA is best done before our parent(s) is/are no longer able to manage their finances or to make reasonable decisions for others or themselves.

The person (friend or family) being granted Power of Attorney, becomes the adult responsible for making the medical and financial decisions for their parent(s). POA decisions ranges from which medical treatments are administered, to signing tax returns, to paying bills, and managing the parent(s) mutual fund accounts.

4 Common Scenarios Where a Power of Attorney(POA) Is Beneficial

Not sure if you need a POA? Here are four of the most common scenarios in which being granted a Power of Attorney can be beneficial.

  1. Your elderly parent is single or has a spouse who is not mentally capable of making decisions
  2. Your parent is currently mentally competent but wants help managing his or her finances
  3. Your parent(s) need assistance during a temporary time frame (i.e., they’re traveling abroad, temporarily incapacitated, etc.)
  4. One of your parents does not want to take on the financial responsibilities should the other parent lose their mental faculties

Of course, a Power of Attorney can also prove useful when both of your parents are still of sound mind and body. By being granted back-up Power of Attorney privileges, you will already have everything in place should both of your parents become incapacitated.

 

Simplified Steps To Attaining A POA

In order to get a Power of Attorney for your parents, you need to obtain a standard Power of Attorney application form from your lawyer, or you can download one from a legal website like LegalZoom or Rocket Lawyer. In most cases, a standard form is fine, but if you will be performing any real estate transactions on behalf of your parents, then you will need to obtain a state-specific Power of Attorney application.

Your POA application notes which powers are being granted. There will be specific limitations as well. POAs require a time frame for which your POA will last. More than one person can be granted Power of Attorney status by your parents. This situation can be good and needs to state in the POA options. It will need to be specified as to whether the people of the POA are able to act independently or  required to act jointly.

The completed form needs to be notarized with copies delivered to your parents’ financial adviser and/or attorney. Each person being granted Power of Attorney is also to be provided with copies of the form. Please check with your elder law lawyer.

Common Challenges Of POA

It is important to note that not all parents are willing to grant their adult children Power of Attorney. For many, it is an undeniable sign that their mental health might be fading, so they refuse more out of fear and denial than for any other reason. Some will even refuse to even discuss the issue.

Simple steps to convince a stubborn parent to grant Power of Attorney. Just Kidding. There is no simple way. There are a few different ways you can make the idea of Power of Attorney more palatable for your aging parent(s).

POA Approach

  1. Voice Your Concerns – Tell your parent that you want to name them your POA, just in case anything should ever happen to you. What peace of mind it is knowing your will be addressed should something happen that you lose the ability to make important decisions. Then, while you are together filling out YOUR paperwork, casually insert, “Hey, why don’t we do one for you too while we’re at it?”
  2. Family Meeting –  A parent unwilling to listen to reason will benefit from getting more family voices involved. Plan a family meeting to discuss your thoughts with siblings and your parents.
  3. Who Do They Revere – Parents usually regard one of their children as the most reliable. Have that person bring up the POA discussion. The decision is really up to the parent however, if the whole family knows what’s happening things may work smoother. If you can all agree on who the POA should be, the entire process may go smooth for everyone, especially your parents.
  4. Outside Help – Involving family is the best way to help your folks come around. However, should your parent  continue to be objectionable to the idea, then you might find help outside your family. Turn to those who your parent trusts most, be it a preacher, an attorney, a doctor, or a best friend. Or better yet someone neutral and unbaits at Golden Placements we can help you get what you need. Getting support from people with valuable resources. GPS is here to ensure your parent’s will and needs are managed. Don’t wait until family is no longer able, get GPS.
 
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