Why You Need a Power of Attorney Now More than Ever
It is beneficial for all seniors to create a detailed estate plan, regardless of how much money they have or what their family situation is like. Part of an effective estate plan is appointing a power of attorney, which is perhaps more important than ever now that we are in the midst of the COVID-19 pandemic.
Here is some information for seniors and their families about what a power of attorney does and why having one named in an estate plan is a good idea during the pandemic.
What Is a Power of Attorney?
Although some people don’t have a power of attorney document in their estate plan, some financial experts say that it is the most important document that should be part of this legal paperwork. A power of attorney designates another person to manage your affairs when you can no longer do so. A person’s eldest child is often named the power of attorney, but you can also name another relative or an unrelated person that you trust to handle this role.
What a Power of Attorney Does
A power of attorney can make sure that your bills are paid, your financial investments are managed, your assets are protected, and your charitable donations go to the nonprofit organizations that you care about. A durable power of attorney remains in place if you are incapacitated, while non-durable powers of attorney are revoked if you can’t function physically or mentally. As long as you aren’t mentally incapacitated, you have the right to change your power of attorney preferences or your agent’s level of authority.
Why Elderly Adults Need a Power of Attorney
It’s no secret that our current health pandemic disproportionately affects the elderly more than other population groups. Elderly adults are being caught off-guard when they start coming down with symptoms and aren’t financially prepared with an estate plan in place.
A power of attorney can manage your affairs if you are placed on a ventilator or become otherwise incapacitated due to contracting coronavirus and are unable to function at your normal level. This virus has a way to affecting elderly adults for a long time and can even result in death, so it is advisable to be prepared with legal power of attorney documents in place before you ever feel sick.
Elderly adults who are quarantined and in lockdown in nursing homes and assisted living facilities benefit from having a power of attorney to write checks, make phone calls, and deal with medical providers on the senior’s behalf. You can avoid many headaches, hassles, and delays by incorporating a power of attorney document into your estate plan now in case you are personally affected by COVID-19.
Legal Help with your Power of Attorney Documents
At Alatsas Law Firm, we help seniors and their families create a financial power of attorney estate planning documents and durable power of attorney arrangements for healthcare. These services are part of our commitment to elder law in Brooklyn and a huge part of our legal practice.
In these uncertain times, it is so important to be prepared for whatever may come your way and ensure that you and your loved ones are taken care of. For a free, no-obligation legal consultation about appointing a power of attorney, please contact our office as soon as you can. We look forward to telling you more about this legal tool and how it can help your loved one bypass burdensome administrative runarounds in the future.