LEGAL & FINANCIAL
Is Your Power of Attorney Powerful Enough? Powerful “power of attorney” (POA) documents are essential especially if there ever comes a time when you or your loved one become unable to manage your finances or make healthcare decisions. However, not all POAs are created equal. Beware if you rely only on POAs that hospitals provide, or you pull off the internet, or get from other attorneys who do not focus their practice specifically on elder law. When an emergency arises, the bank or healthcare provider may refuse to allow your agent to act and then the only recourse is to go to court and get a guardianship. Of course, this is not what you want to hear when dealing with an emergency. Guardianship proceedings can cost time and money, expose your private affairs to the public and you or your loved one can lose control of your autonomy. Worst case, unfriendly family members can try to take advantage which can cost tremendous anxiety and expense to defend against that threat. POAs for financial and healthcare matters tend to be lengthy if done right. Your attorney should help you anticipate as many nuances as possible, to ensure that when you need assistance, your documents will be there to avoid guardianships and help you get the responsible financial coverage and healthcare treatment you need. Here are a few key items that your POA should contain: • It should specify the kind of healthcare the individual would want. • It should comply with state law. • It should protect the individual’s agent from liability for a bad decision. • It should provide the agent with access to essential medical records. • It should designate who should serve as an agent. Sponsored by: See ad on page 145
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