You know that your parent lives a complicated life. Maybe they’re alone after a divorce or the death of your other parent, and they have a lot of things they need to handle on their own. How do you know if a power of attorney would be beneficial?
Remember, a power of attorney can be one of the most important estate planning documents. You may want to talk to your parent about getting it in place just in case it is needed.
Medical and legal powers of attorney do differ
In general, a power of attorney allows you to make decisions and take action on someone else’s account. This could revolve around medical decisions or legal/financial decisions. You may want to consider both.
For example, maybe your parent is showing signs of a mental disorder, such as Alzheimer’s. They’re struggling with their memory. They can’t do complex things like paying their taxes. You’re worried that they’ll forget to pay the mortgage and lose the home or forget to pay for their in-home aide and lose the assistance they need.
With a legal power of attorney, you can do these things on their behalf. This is a big responsibility, but it also ensures that they have the life you want for them. You can look out for them when they need it most. A medical power of attorney may also help if they can’t make their own medical decisions.
Mental disorders can be difficult, as the person can still live a happy life for years or decades, but may need assistance doing so. Find out what legal steps you can take to protect your loved one.
