Definitions and Terminology Explained
Advanced Health Care Directives vary by state. Download forms by state HERE.
Why Durable POA is important for aging
As people age, the risk of cognitive decline or incapacitation increases. A durable POA ensures that someone the principal trusts can manage their affairs and make decisions on their behalf if they are no longer able to do so themselves. This can help avoid legal complications and ensure the principal's wishes are respected. Power of Attorney can be “springing” based on an defined event, or “durable” valid at the time signed and available for any unexpected event.
Important Note: Laws regarding POA can vary by state. It's always best to consult with an estate planning attorney to ensure you have the right type of POA and that it complies with the laws in your jurisdiction.
See this article for a full description and links: AARP Power Of Attorney
Legal Authority and Planning Responsibilities
Not all these items are legally required by the Power of Attorney, but as the trusted agent, this list will help define the types of responsibilities often associated with the POA.
Financial Responsibilities
Bill Paying: Ensure bills are paid on time. Set up online banking and automatic payments where possible.
Account Management: Monitor bank accounts, investments, and other financial assets.
Taxes: File taxes on time.
Estate Planning: Review and update estate planning documents (will, trust, etc.) as needed with your parent and an estate planning attorney.
Fraud Protection: Protect your parent from financial exploitation and scams.
Legal and Administrative Tasks
Government Benefits: Explore eligibility for government benefits like Social Security, Medicare, and Medicaid.
Insurance: Review and manage insurance policies (health, home, auto, etc.).
Legal Documents: Update legal documents as needed (e.g., driver's license, vehicle registration).
Healthcare Responsibilities
Medical Records: Organize and maintain your parent's medical records.
Doctor's Appointments: Schedule and attend doctor's appointments with your parent.
Medications: Manage medications, ensuring they are taken correctly. Maintain an up-to-date list easily accessible
Healthcare Decisions: Make healthcare decisions in accordance with your parent's wishes and advance directives (living will, healthcare power of attorney).
Living Arrangements and Care
Home Safety: Assess and modify the home for safety and accessibility as your parent's needs change.
In-Home Care: Arrange for in-home care services if needed.
Assisted Living/Nursing Home: If your parent's needs become too great for them to remain at home, research and help them transition to an appropriate care facility.
Golden Agreements seeks to build harmony and a unified vision among family members/loved ones, and professional support, for the aging process.
Disclaimer: While this article offers general insights intended to inform and guide, it should not be considered a substitute for personalized legal, medical, financial, or professional advice. For decisions involving your specific situation, it's best to consult directly with a qualified professional.