A financial power of attorney often becomes a necessity as our loved ones get older and problems begin to arise. However, most aging individuals are unaware of what a power of attorney is and why it is needed. They may fear giving over that control to someone else. Gathering information on naming a power of attorney for parents and sharing it can give them peace of mind in knowing you are only looking out for them.
When many individuals hear the term “power of attorney,” they imagine giving someone else the power to make every decision for them. This can be a frightening prospect, especially for those who still feel competent enough to make decisions or may fear someone else will make the incorrect choice. To help calm their fears, it’s important to understand powers of attorney can be flexible and dictated precisely on the individual’s terms. For instance, you can grant someone a general power of attorney that allows for all decision making rights or you can restrict it to financial or other specific decisions.
Another issue many seniors have with naming a power of attorney is concern over whether they will make the wrong choice. Fortunately, there are many ways you can put together this document so that it’s easy to make changes. In some situations, you may put together power of attorney papers that are only in effect for a specific period of time. In other situations, you may be able to change the designated person with the help of a lawyer.
Once you have explained the need for a financial power of attorney and how it will work, you need to learn how to complete the process. In most cases, you will need to work with an experienced attorney who has completed these documents in the past. Talking to your parents about who they feel will be the right choice and allowing them to dictate the direction of the conversation will help take the pressure off so you can move forward with the process.
Getting a power of attorney for parents isn’t an easy process, but in many cases, this is because many seniors don’t understand the process or how it works. Once you are able to explain it to them, you will be able to guide them in making the right decision to meet their needs. No one likes to prepare for a time when they are unable to make their own decisions, but to protect their interests, it is a necessity.
If you’re looking for an assisted living facility to care for your loved one, contact us. We can help seniors make the right choices for their living arrangements.