[cmsmasters_row data_shortcode_id="hh8b55qxhf"][cmsmasters_column data_width="1/1"][cmsmasters_text] Not having a Power of Attorney, or appointing the wrong person as your power of attorney, can have serious consequences. A power of attorney can assign specific powers to a person of your choosing. The person selected can then carry out particular tasks on your behalf, such as paying bills or managing investments. While a Power of Attorney can assign powers to someone of your choosing, that does not mean that you are the only person authorized to make decisions on behalf of an elderly loved one. A person who has a "special relationship" with an elderly person, such as a spouse, family member, or friend, can step in and make decisions on behalf of the loved one at times when a power of attorney is unavailable. However, assigning a power of attorney to someone close to you can set up a potential conflict of interest. For instance, a spouse designated as power of attorney might be reluctant to pay bills for an elderly parent because their spouse might be directly affected. It is essential to designate a power of attorney in plainly written documents, such as a durable power of attorney, which is designed to take effect only in the event of incapacity of the principal. If the principal becomes incapacitated, a power of attorney takes effect. While no one likes to think about the possibility of becoming incapacitated, it is good practice to have powers of attorney in place and durable health care directives, and …
Not having a Power of Attorney, or appointing the wrong person as your power of attorney, can have serious consequences. A power of attorney can assign specific powers to a person of your choosing. The person selected can then carry out particular tasks on your behalf, such as paying bills or managing investments.
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While a Power of Attorney can assign powers to someone of your choosing, that does not mean that you are the only person authorized to make decisions on behalf of an elderly loved one. A person who has a “special relationship” with an elderly person, such as a spouse, family member, or friend, can step in and make decisions on behalf of the loved one at times when a power of attorney is unavailable.
However, assigning a power of attorney to someone close to you can set up a potential conflict of interest. For instance, a spouse designated as power of attorney might be reluctant to pay bills for an elderly parent because their spouse might be directly affected.
It is essential to designate a power of attorney in plainly written documents, such as a durable power of attorney, which is designed to take effect only in the event of incapacity of the principal. If the principal becomes incapacitated, a power of attorney takes effect.
While no one likes to think about the possibility of becoming incapacitated, it is good practice to have powers of attorney in place and durable health care directives, and a living will. In addition to naming a power of attorney, it’s essential to have these documents signed and witnessed by at least two people.
Who should you choose as your agent?
It’s a good idea to choose a person you trust implicitly. Your agent should be someone with the same cultural background as you, who understands your values and beliefs. They should also be able to communicate with your family, doctors, and caregivers easily.
Your agent must be 18 or older, but minors (children younger than 18) can authorize someone to act as a power of attorney.
Your agent must also be a competent adult, meaning they must have the mental capacity to make decisions for themselves.
Your agent doesn’t have to be an attorney, but an attorney is a better choice in most cases. Attorneys are in a better position to understand your legal situation and to advise you.
Your agent can’t be your business partner, your parent, or your spouse. They can, however, be someone you regularly do business with (such as an accountant or financial advisor).
Your agent should be someone you can talk to about your concerns. They need to be your advocate, not your judge.
Your agent can’t be your power of attorney.
Your agent doesn’t need to be a relative or a close friend. While they can be helpful, they can also get in the way. Your agent should be someone you feel confident will make the right decisions.
Your agent shouldn’t be someone you have business dealings with. You want to foster a healthy relationship with your agent so that they won’t do anything to jeopardize your relationship.
Your agent can’t be someone who might disagree with you. For example, if your spouse is your agent, they will have to make decisions that conflict with your wishes.
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If you do not have a power of attorney, this typically means you do not have the legal authority to act on behalf of yourself or a loved one. For example, if you become sick or injured and cannot make your own decisions, your family could have a difficult time taking action on your behalf.
A power of attorney is a legal document that permits one health or legal professional, called your “agent,” to make critical decisions when you cannot manage your affairs.
A power of attorney can be a beneficial estate planning tool because it allows you to choose who will make critical decisions on your behalf.
Having this document in place can help ensure that your healthcare wishes are followed and that your assets and property are managed in the way you intend.
LegalShield can walk you through choosing a power of attorney agent and drafting the document, ensuring that it is legally valid and enforceable.
First, LegalShield has a network of more than 2,000 attorneys and 39,000 paralegals throughout the U.S., Canada, and Puerto Rico, who are available for 24/7 consultations.
A LegalShield attorney can help you select an agent and craft a document that meets your needs.
A LegalShield attorney will review your document to make sure that it is legally valid.
The attorney will make sure you are covered in the event of disability, illness, or death.
If an agent does not act in your best interests or is incapacitated, our attorneys can help you take action.
For more information, visit LegalShield’s website, or call 1-800-654-7757 to speak with a LegalShield representative.
Editor’s note: This post was originally published February 23, 2022, and has been updated for accuracy, comprehensiveness and freshness on October 15, 2024. You’ve likely heard the term “Power of Attorney” (POA) many times. But do you really need a Power of Attorney? In a world where unexpected situations can arise at any moment, understanding the …
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