As parents age, many families start to worry about what might happen if a loved one were to fall ill or no longer be able to manage their own affairs. One very important legal document for an older adult to have is a power of attorney. This document allows a person you trust to handle some of your legal and financial matters if you need someone to help you. A Florida elder law attorney can help families understand how powers of attorney work and how to properly create one.
What is a power of attorney?
A power of attorney is a legal document that allows one person, known as the principal, to give another person authority to act on their behalf. The person receiving that authority is called the agent.
In Florida, a power of attorney can give the agent authority to perform many financial and legal tasks. Depending on the document, this may include paying bills, managing bank accounts, handling real estate transactions, or dealing with government benefits.
A power of attorney can be an important part of an elder’s overall estate plan because it allows someone to step in and help when assistance is needed.
Why should families address this issue early?
Many people wait until a medical crisis occurs before thinking about a power of attorney. Unfortunately, waiting too long can create serious problems.
To sign a valid power of attorney, the parent must have the mental capacity to understand what they are signing. If dementia or another medical condition has already progressed too far, it may no longer be possible to create the document.
Without a valid power of attorney, family members may have to petition the courts for guardianship, which would give them legal authority to handle the person’s affairs. Guardianship proceedings are often time-consuming, costly, and stressful for all involved.
How do you start the conversation?
Talking to a parent about legal planning is not always easy. Some older adults may be uncomfortable talking about ageing or may fear losing their independence.
Often, focusing on planning rather than control is helpful. Say that a power of attorney lets them choose who will help if help is ever needed. Explain that the document can bring peace of mind and help to avoid future problems.
The conversation may be more fruitful if approached with patience and respect. Giving a parent time to think about the decision can help reduce resistance as well.
Who should be chosen as the agent?
One of the most important decisions in creating a power of attorney is choosing the right agent.
The agent should be trustworthy, responsible, and able to deal with financial issues. In many families, an adult child serves in this role. In other situations, a sibling, close friend, or professional fiduciary may be a better choice.
The “trick” is to select someone who will act honestly and with the parents’ best interests in mind. The agent may have access to financial accounts and significant assets, so trust is a must.
What happens during the legal process?
If a parent decides to press on, a lawyer can prepare a power of attorney that specifies their wishes and requirements.
Florida law dictates certain formalities of signing to create a valid power of attorney. The principal shall sign the document, and the same shall be duly witnessed and notarised. An attorney can help ensure all legal requirements are met.
A Florida elder law attorney can also discuss the variety of powers that may be granted and help the parent decide how much authority should be granted to the agent.
What other documents should be considered?
A power of attorney is just one element of a comprehensive plan.
Many older adults also benefit from having a healthcare surrogate designation, a living will, and an updated estate plan. These documents can work together to help you make financial and medical decisions.
All planning documents should be reviewed together to ensure that they reflect the current wishes of the person and the family situation.
Why is legal guidance important?
Errors in estate planning documents can lead to confusion and conflict later on. Every family situation is different, and no one answer fits all.
A professional can help to make sure the document complies with Florida law and truly reflects the parents’ goals. Early planning can provide valuable protection and peace of mind for parents and their loved ones.
If you need help establishing a power of attorney for an aging parent, Estate Plan First PLLC can help. An experienced Florida elder law attorney can review your options, answer your questions, and help your family develop a plan that will secure your loved one’s future. Schedule a consultation online or at (904) 595-1744.
