Financial Organization, Planning, Budgeting
Need to Care for Parents? Powers of Attorney Make it Easier
Caring for elderly parents can be made a lot easier if you have the legal right to make certain decision on their behalf. Powers of attorney give you the legal right; here are a few of the more common types:
- Limited power of attorney: Limits your authority to specific situations or circumstances. For example, you may have the authority to sell certain possessions but not a home or other major assets.
- Property power of attorney: A property power of attorney gives you broad authority and allows you to make most decisions on behalf of your parent.
- Health care power of attorney: Allows you to make medical decisions on behalf of your parent. A healthcare power of attorney is much more comprehensive than a living will, since it allows you to step in and make decisions about long-term care as well as what types of treatment are the right options for your parents.
Keep in mind your parent must willingly and knowingly grant you the power of attorney. Start having that conversation now if you feel your assistance may be needed in the future.