Life often takes unexpected turns. Your healthy parent could have diabetes or dementia. It’s why planning for their long-term care and financial stability is crucial.
One critical step that will give you peace of mind is a Power of Attorney. This powerful document will also protect your beloved parents. How does it do that? It would allow you to make financial, medical, and legal decisions on their behalf.
The question is how to get a Power of Attorney for your elderly parents. This article will walk you through the process.
Breaking Down the Power of Attorney
A POA is an important legal document. It gives one person the power to act on another person’s behalf.
You need to understand two vital terms associated with a POA. These are the “agent” and “principal.” You can act as the “agent” or have an “attorney-in-fact” to stand for your parents. Your elderly parent is the “principal.”
There are different types of POAs you and your parents can use. There’s the General Power of Attorney. This gives the agent a broad authority over financial and legal matters. It often ends if the principal becomes incapacitated.
You can also opt for a Durable POA. The document remains in effect even if the principal becomes incapacitated. This is a popular option for many aging individuals.
A Medical POA lets the agent make medical and healthcare decisions for the principal. A Limited (or Special) POA will give you authority over specific tasks. For example, you’re selling property or managing a bank account. A Springing POA springs into effect once a specific event happens.
How a POA Will Benefit Your Elderly Parents
Everyone deserves to have peace and enjoyment during their sunset years. A POA can help with that. Here’s how.
- It ensures you or a trusted agent can make medical choices for your parent if they cannot.
- You or a Florida lawyer can help manage their finances. You can handle their bills, banking, and investments. You can also manage any property they have.
- A POA will help your parents avoid court appointments. It will prevent the court from appointing a guardian or a conservator. This only happens if someone’s incapacitated.
- A Power of Attorney will safeguard your parents’ financial assets from fraud. It also ensures that no mismanagement will happen.
How to Get a Power of Attorney for Your Parents
Getting a POA is a straightforward process. A good law firm in Florida can help get the ball rolling. Here’s what usually happens.
- Step 1: Talk About It Sooner Rather Than Later
Talking about a POA is often difficult. You and your parents must talk about it. They must be mentally capable of making decisions when drafting a POA.
Approach the topic with empathy. Explain to your parents the benefits of having a POA. It could give them peace of mind and financial security.
- Step 2: Understand Your Parents’ Needs
Think about what type of POA your parents need. Do they need someone to manage their finances? Do they have specific medical requests? They might need a Durable POA, a Medical POA, or both.
- Step 3: Select the Right Agent
Your parents should pick someone they trust. After all, this individual will have control over their affairs. The ideal agent is someone they trust 100%. They should be responsible and capable of making complex decisions. Many lawyers in Florida fit the bill.
- Step 4: Draft the POA
Work with a Florida lawyer to draft the POA document. You can also opt to use a reliable online legal service. The POA should outline the agent’s powers, limitations, and when the POA takes effect. The POA must follow the state’s legal requirements to ensure it’s enforceable.
- Step 5: Sign and Notarize the POA
You might need to sign the POA in front of a notary public or witnesses. That ensures the document’s validity. This step also helps protect against fraud.
- Step 6: Distribute Copies of the POA
Give copies of the POA to your agent, financial institutions, and family members. Keep the original somewhere safe but accessible.
Providing You with Trusted Guidance
Are you looking for someone trustworthy? You don’t have to look far. Warner and Warner are the most trusted attorneys in Florida. We have proven this through our expertise and years of service. Our law firm provides a personalized approach to all cases. We specialize in medical malpractice and nursing home neglect. We can also represent you in personal injury cases. Contact us here or at 321-341-6887. Let’s protect what matters most.