What is Power of Attorney and how does it work?

What is Power of Attorney and how does it work?

This is a big question with several answers, but it’s very important that we address it.

A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your affairs if you become unable to do so. The reason there are several answers is that there are several types of POA. Here are some descriptions: 

  • Financial POA: allows your agent to make financial and property transactions, and handle taxes, stocks, safe deposit boxes, etc.
  • Healthcare POA: allows your agent to make health care decisions on your behalf.

It is very important that you designate a Power of Attorney that you feel will make decisions the same as you would. It can be a spouse, adult child, close family member, or friend. You may also designate your lawyer to have POA. Whoever you choose as your POA, make sure that they will make the same decisions you would make yourself and not ones based on their feelings and emotions that can affect decision making.

Always remember that the most important thing with a POA is that they are only relevant when you’re unable to make those kinds of decisions. Just because you assign someone does not mean they have access to your checking account or medical decisions. It only means they have that access when a Medical Doctor determines that you are no longer capable of making those decisions for yourself.

As we age, it is incredibly important to have all our wishes known to others. Danbury Senior Living has been helping with these kinds of things since 1997. Call us today to learn how we can help!

 

 

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