One of the most common reasons seniors likely hesitate to sign a Power of Attorney appointing another person to act on their behalf is fear of loss of control and exploitation. In this respect, as an elder law attorney, I admit some conflict. On the one hand I have seen instances where an individual becomes disabled without having signed a Power of Attorney, something that can be acquired at reasonable cost and with minimal aggravation, and there the only alternative is for an interested party to file for guardianship. Guardianship is time consuming, expensive even when not contested, can limit the individual’s freedom, and may result in appointing someone the person would not want. Guardianship can, however, be the right answer in the right case.
On the other hand those seniors who believe that Powers of Attorney are powerful documents and require thought are right.
Here is how to keep you, the senior, in the “driver’s seat” when designating an Agent under Power of Attorney.
You should not choose your Agent based only on whether that person is your oldest child or whether there would be hurt feelings. If your Agent is experiencing money problems herself or himself this might not be the time to appoint since the stress could be too great.
You could have more than one Agent and then specify whether they need to act together or each might act separately. There are pluses and minuses to each. Consider reasonably whether your Agents could work together. If you do not know answers, you can ask the attorney. This is why she or he is there in the first place.
Finally, although this goes further than Power of Attorney advice, you should be careful about who has access to your debit cards, credit cards, user names and passwords, and online access to your bank and investment accounts. The same rules regarding trustworthiness apply. Get help if needed.
Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.