While the elderly continue to age, their ability to engage in proper decision making may diminish. That is why many appoint
Join us today, as we bring you our official rundown of the benefits of a power of attorney.
What Is A POA?
A POA is an appointment where decision-making rights are given to a specific POA agent. This can be can all be arranged prior the moment when a POA is actually necessary, only becoming effective when the elderly person becomes unable to decide for themselves. Finally, if the person using the POA decides to take back their assignment before becoming unable to make decisions, the POA can be annulled.
The person benefitting from the POA is known as the principle. The person given the responsibility is called the agent.
Types of POA
There are essentially two different types of POAs, making it so that two different agents can be assigned to each person. Here are the different styles of POA:
Health Care POA
Medical POAs are assigned rights to make medical decisions. However, before the principle is unable to make those decisions, they are allowed to make necessary tweaks on how far those rights go. It is important that the agent be aware, at all times, of the needs of the principle. Constant communication is essential.
A financial POA is not a document that grants rights to make all financial decisions. The principle defines the parameters of spending, which the agent must follow. The principle also outlines what will be allowed and not allowed. The agent is merely there to regulate and make decisions the principle would otherwise not be able to.
Benefits Of A POA
Peace of mind is the essential benefit of a POA. POA agents can be family friends or trusted organizations. Though most of us will never need a POA, they can provide a sense of security if we are unable to make certain financial or health decisions. Trusted care is of utmost importance with the elderly.
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