Financial power of attorney documents can protect older adults

Caring for your aging parents is often complicated. Your parents may resent any attempts to curtail their rights or freedoms, such as restrictions on their ability to drive a vehicle. As an adult caring for adults, you have to carefully balance their realistic needs with their emotional health. You want to do what is right for your loved ones and support them, but you also want assurance that you can manage the situation in the future.

A potential compromise exists in the creation of a financial power of attorney. This legal document can allocate certain financial rights and responsibilities to you or another member of your family. If a time comes when your loved ones can no longer make sound decisions due to dementia or when they are incapacitated, the power of attorney will ensure that your family can handle their needs and protect their assets and estate.

Specific power of attorney documents protect all parties involved

For the older person signing a power of attorney, it can feel like signing away the right to make choices in the future. In reality, however, the power of attorney can only get used in the event of a severe medical event or verifiable mental decline. That means that your aging loved ones don't have to worry about losing their autonomy or right to make financial decisions. Working together to create a highly specific power of attorney can give your older loved ones peace of mind about what authority may pass on to others.

Power of attorney documents can be incredibly specific if need be. If your loved one doesn't feel comfortable signing over all financial control to you or someone else he or she trusts, the power of attorney can apply only to specific accounts or assets. That ensures that one person can't undermine a carefully created estate plan or destroy the legacy of the person signing over power of attorney.

How a power of attorney protects your family

If your loved one becomes unable to make decisions or communicate, you could find yourself in a difficult position. Dementia, comas and other medical issues can leave your loved one alive but unable to address the financial needs of maintaining a household. A power of attorney allows the person granted authority to pay bills and make other important financial decisions when the grantor is unable to do so.

This can protect assets from liquidation. An extended period of incapacitation could result in an unpaid mortgage, for example. Over a month or two, that could result in foreclosure, if no one else can legally access family assets to pay. A power of attorney ensures those important bills get paid and that the assets your loved ones have built over a lifetime remain protected, no matter how their medical situation changes.

No Comments

Leave a comment
Comment Information
Email Our Lawyers

Contact Us To Find Out How We Can Help You And Your Family

Call 866-253-6994 or fill out the form below to set up a consult with J. Kevin Tharpe to
talk about your wishes and ways he can help you accomplish your goals.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Gainesville and Young Harris for your convenience.

Gainesville Office
405 Broad Street SE
Gainesville, GA 30501

Toll Free: 866-253-6994
Fax: 770-531-5511
Gainesville Law Office Map

Gainesville Office

Young Harris Office
1352 Main Street, Suite 1
Young Harris, GA 30582

Toll Free: 866-253-6994
Fax: 770-531-5511
Young Harris Law Office Map

Young Harris Office