Understanding Durable Power of Attorney for Older Adults

Author

The Elder Law Office of Olimpi & Kramer

For more information about the author, click to view their website: Stephanie Kramer, Esquire

Posted on

Sep 16, 2024

Book/Edition

Pennsylvania - Greater Pittsburgh Area

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As we age, managing our finances and personal affairs can become more challenging. Many older adults want to maintain their independence but also recognize they may need some help. This is where a durable power of attorney can be very useful.

What is a Durable Power of Attorney?

A durable power of attorney is a legal document that allows you to choose someone you trust to handle certain tasks for you. This person is called your "agent" or "attorney-in-fact." The word "durable" means that the document stays in effect even if you become unable to make decisions for yourself later on.

How Can a Durable Power of Attorney Help?

A durable power of attorney gives you flexibility. It allows you to get help with tasks when you need it, while still keeping control over your affairs. Here are some ways it can be helpful:

  1. Bill Paying: You can have your agent help pay your monthly bills, while you still manage other parts of your finances.
  2. Banking: Your agent can handle bank transactions for you if needed.
  3. Legal Matters: Your agent can sign legal documents on your behalf.
  4. Property Management: Your agent can help manage your property or real estate.
  5. Healthcare Decisions: If you have a healthcare power of attorney, your agent can make medical decisions for you if you're unable to do so.

You Don't Lose Control

Many older adults worry that having a power of attorney means giving up control. This is not true. Here's what you need to know:

  • You can still manage your own affairs as usual.
  • You can still make your own decisions and handle your own finances.
  • Your agent doesn't replace you - they just have the ability to help when needed.
  • You decide what powers to give your agent. You can make it very limited or very broad.

Flexibility for the Future

A durable power of attorney provides peace of mind. It ensures that someone you trust can step in to help if you ever need it. This can be especially important if:

  • You become ill or hospitalized
  • You have memory problems or confusion
  • You have physical limitations that make it hard to do certain tasks
  • You want to travel but need someone to handle things at home

Choosing Your Agent

Picking the right person as your agent is very important. Here are some tips:

  • Choose someone you trust completely
  • Pick someone who is responsible and good with financial matters
  • Consider choosing an adult child, close relative, or trusted friend
  • Make sure the person is willing to take on this responsibility
  • You can name more than one agent if you want

Setting It Up

To create a durable power of attorney:

  1. Decide what powers you want to give your agent
  2. Choose your agent(s)
  3. Have a lawyer draft the document for you
  4. Sign the document in front of a notary public
  5. Give copies to your agent, doctor, and important family members

Maintaining Your Independence

Remember, having a durable power of attorney doesn't mean you're giving up control. It's a tool that helps you maintain your independence by ensuring you have help available when you need it. You can still:

  • Make your own decisions
  • Manage your own money
  • Pay your own bills
  • Sign your own documents

Your agent only steps in when you ask them to or if you become unable to handle things yourself.

Changing Your Mind

If you ever change your mind, you can:

  • Revoke (cancel) the power of attorney at any time, as long as you're mentally competent
  • Change who you've named as your agent
  • Modify what powers you've given your agent

Peace of Mind

Having a durable power of attorney in place can provide great peace of mind. It ensures that:

  • Someone you trust can help you if needed
  • Your wishes will be followed
  • Your affairs will be managed even if you can't do it yourself
  • You have a plan in place for the future

Getting Help

If you're interested in setting up a durable power of attorney:

  • Talk to your family about your wishes
  • Consult with an elder law attorney
  • Discuss it with your doctor
  • Reach out to local senior services for guidance

Remember, a durable power of attorney is a powerful tool that can help you maintain control over your life as you age. It provides flexibility and security, allowing you to get help when you need it while still maintaining your independence.

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