With age often comes gradual physical decline that reduces strength and flexibility. For some people, advanced age may also result in cognitive decline. They may struggle with memory and decision-making.
Alzheimer’s disease and other forms of dementia can leave people in need of support from others later in life. Thankfully for those preparing for their golden years, there is an estate planning tool they can use to prepare for just that scenario. Instead of gambling on the possibility of the wrong person pursuing guardianship later, people can plan in advance to name someone they trust.
Powers of attorney grant others legal authority
Emergencies and other challenging situations can render an individual incapable of paying their bills or making medical decisions. In that scenario, powers of attorney can transfer authority for certain practical issues to a specific agent. Such arrangements are often preferable to a transfer of authority to anyone who requests it when an older adult becomes incapacitated.
Durable powers of attorney are similar, but they specifically address permanent or long-term incapacity. By planning in advance for the possibility of decline later in life, older adults can choose the person who acts as their agent. An agent can hold many of the same forms of legal authority as a guardian. They can manage an individual’s finances and make decisions about their medical care.
The designation of the right agent, the transfer of appropriate authorities and the inclusion of the right language in the document are all critical for the protection of an older adult when they must rely on others for their care. Working with an estate planning attorney to craft durable powers of attorney makes peace of mind accessible for those concerned about what may happen as they age.