If you are taking care of an elderly mom or dad, as they continue aging you are going to have some difficult conversations in the future. Unfortunately, you will need to think about these things, and talking about topics like power of attorney can be crucial and save you both a lot of stress in the future. It is time for your elderly mom or dad to consider power of attorney and understand what it means for them. This is not a decision that should be made lightly but it is something that many seniors will need to think about as they get older. POA can be a part of a seniors long-term care plan and it is someone who can help them make decisions about their health in case they are no longer able to. Here is when it is time for a senior to start considering a power of attorney or POA.
During Financial Planning or Estate Planning
Setting up a power of attorney during estate planning ensures that someone you trust can manage your financial assets, bills, and investments if you’re unable to do so or can no longer make decisions on your own. Integrating POA with your will, trusts, and retirement plans helps safeguard your financial future. If you have specific wishes you want, a lawyer will need to write them in a will, but your POA should also understand what you want and understand how you make some of your most important life decisions because it will help guide them into following what you’d do on your own.
Consider a POA Before Life Changes
Life changes naturally as someone gets older, they battle more chronic conditions as they age, and health becomes a huge concern for most seniors. While a senior is able to make their own decisions they need to consider who they trust enough to make financial decisions, health decisions, and more. Before a senior gets sick or if they know something major is coming they should talk about a power of attorney while they still have the mental capacity to do so. This may be something you need to remind your elderly mom or dad about during visits.
Think About It When You Retire
You don’t have to be super old to make this decision and in fact you can do it early on in your retirement. If things change you can always change who your POA is too. Retirement is usually a significant transition for most people and is a sign that life is changing in a new direction. Establishing a POA as you retire prepares for potential future incapacities while ensuring seamless decision-making related to healthcare, finances, or long-term care.
If Your Senior Has a New Medical Diagnosis
Sometimes medical conditions change or a senior receives a new medical diagnosis from a doctor. This new change could lead to impairment when it comes to decision making, this is when it is most important to choose a power of attorney who can help work through this new challenge.