Have you ever thought about what you would do if you became unable to make financial decisions on your own? Or about what would happen to you if you were admitted to the hospital with an incapacitating illness or injury? Who would be making financial and medical decisions on your behalf? Would it be someone you trust, or would it be a stranger?
By designating someone to be your “agent” or hold your power of attorney, you can legally empower a trusted family member, friend, or other person to make decisions for you while you are incapacitated, and it’s an important part of your end-of-life planning. Here’s more about powers of attorney and how they can ensure you age well by remaining in control of your decision-making no matter what happens to you.
What is a Power of Attorney?
A power of attorney (POA) is a document that designates another person to make certain decisions for you if you become unable to do so on your own. You can appoint one person or more than one person to hold multiple powers of attorney, or you can grant separate powers of attorney for your medical and financial decisions. If you ever suffer from a brain disorder like Alzheimer’s disease that affects your ability to make financial decisions, the person holding your financial POA would be empowered to make them for you. If you would ever fall into a coma, the person holding your medical POA could direct hospital staff on how to care for you and what types of medical intervention you would consider appropriate.
How Powers of Attorney Improve Your Quality of Life
From the perspective of an elder law attorney, it cannot be overstated how important designating an agent (power of attorney) will be to your overall quality of life as you get older.
When it comes to a financial POA, having one in place can help prevent many of the pitfalls that face seniors living with conditions that cause cognitive decline. Unfortunately, older people are often the targets of financial scammers. They may try to convince a senior with impaired decision-making to sign over their Social Security checks. With a power of attorney in place, someone will have the ability to review your records and help. While they cannot prevent all exploitation (because you are still the boss even if you name an agent), a power of attorney can be a vital tool in stopping the exploitation or reducing the damage.
Designating a medical power of attorney is perhaps even more important to your quality of life. Everyone deserves to have a say in how they receive medical care. When you are mentally or physically incapacitated, you may not be able to express your wishes. You could end up being treated by the wrong doctor, or receive a treatment you don’t approve of. With a medical power of attorney in place, you can discuss these matters with the person holding it so they can act as your proxy when you can’t speak up for yourself.
Designating Powers of Attorney
If you want to maintain control over your financial and medical decision-making, it’s best to designate your powers of attorney as soon as possible so you can discuss your wishes with them while you are still mentally able to do so. Speaking to an elder law attorney will ensure your wishes are carried out properly.
If you are looking for an elder law attorney in Bucks County, PA, or surrounding counties, Robert Slutsky is an excellent choice to advise you. With decades of experience dealing specifically with elder law concerns, Rob can help you prepare and execute powers of attorney, write a living will, draft trust agreements, and assist you with a range of other elder law planning concerns. Visit our website or call (610) 940-0650 to request a consultation today.