Knowing you can depend on a trusted relative or friend to make your medical and financial decisions if need be is important, especially as you grow older.
However, no matter what your age, powers of attorney (POA) for healthcare and finances will provide you with much-needed peace of mind.
The POA for healthcare
Anyone can fall seriously ill or suffer severe injuries as the result of an accident. If you are unable to make your own healthcare decisions, the person you appointed in your POA for healthcare can step in. Your agent can decide what kind of medical care you receive, such as hospitalization, home healthcare, surgery or long-term nursing care.
The POA for finances
The financial POA often goes hand-in-hand with the POA for healthcare although you can name two different agents if you so choose. This agent can pay your bills, file your taxes, make investment decisions on your behalf, even manage your rental property in the event you become incapacitated. If you are an older person and generally healthy, you might simply need occasional help managing your day-to-day finances, and your agent can provide this kind of assistance.
The proactive approach
With age comes the potential for some form of dementia. Therefore, do not put off establishing your POAs for healthcare and finances. In order for these documents to be legal, you, as the principal, must be mentally sound. Save your loved ones from having to go to court to appoint a guardian if you become incapacitated. These powers of attorney, once signed, will provide peace of mind for you and your family.
