As your beloved parents age, it becomes increasingly important to plan for their future. This includes preparing for the possibility of their inability to make decisions for themselves. An effective tool you can use to plan for your aging parents’ incapacitation is a power of attorney (POA). This legal document authorizes an individual or entity to act on behalf of your parents, typically in financial or healthcare matters.
Waiting until a crisis occurs, such as a sudden illness or injury, to address power of attorney can lead to rushed decisions made under duress. Proactively discussing and establishing POA allows for thoughtful consideration and planning.
Factors to consider when choosing an attorney-in-fact
The individual chosen as attorney-in-fact should be trustworthy and capable of handling the responsibilities associated with POA. They should have your parents’ best interests at heart and be willing to act in accordance with their wishes.
It is also important to choose someone who is ready and willing to act on your parents’ behalf when needed. This may involve regular communication and coordination, especially if your parents’ health or financial situation requires frequent attention.
Moreover, the attorney-in-fact should clearly understand their responsibilities and obligations under the POA document. This includes acting in your parents’ best interests, managing their affairs prudently and keeping accurate records of all transactions.
Planning ahead for peace of mind
Granting power of attorney is a proactive step that can provide peace of mind for you, your aging parents and the family at large. By carefully selecting a trusted individual to act on their behalf, your aging parents can ensure that their affairs are managed responsibly. It is essential to have open and honest discussions about POA with your parents to help ensure proper planning and foresight.
Determining who should be granted power of attorney for your aging parents is an important decision that requires careful consideration. By understanding the factors involved in choosing an attorney-in-fact, your family can make informed decisions that can help to protect the interests of your beloved parents.