At Home Care Assistance of Naples, we understand that it is difficult for adult children to imagine a time when their relational roles with their parents will change and they will become the caretakers in the relationship. Unfortunately that time arrives without warning for many families and adult children find themselves in the midst of needing to make financial and medical decisions for their parents. Unless there is a Power of Attorney in place, adult children will find they are trying to care for their parents and navigate the legal minefield of obtaining the authority of making those decisions simultaneously.
What is a Power of Attorney?
Simply put, a durable power of attorney, or POA, is a legal document that permits one individual to act on behalf of another. There are two types of POAs. One allows a child or children to assist or make financial decisions on behalf of their elderly parents. As parents age they may need assistance with some aspects of their finances and the POA allows the designated individual access to the financial services companies to obtain information.
A healthcare proxy, or healthcare POA, should also be in place. The proxy allows someone other than the patient to advocate and make decisions regarding their healthcare in the event they become unable to do so themselves, due to physical or mental decline. This is particularly important in the event of a sudden illness, such as an accident or stroke which requires advanced or specialty assistance such as stroke care in Naples.
When to Talk About a POA
The time to discuss a POA is before it is needed. Parents need to discuss their wishes regarding their healthcare and financial needs and make sure their children understand. Parents can appoint one child to manage their finances and another to make healthcare decisions. The important thing is to ensure everyone knows the plan before something happens.
While it can be unsettling to think about a future when adult children care for their aging parents, decisions made early can help ensure that both parents and children can make the transition at bit easier. To learn more about senior financial planning, contact the Naples live-in care experts at Home Care Assistance. We are more than happy to answer any of your questions and can help you plan financially for the possible need of long-term senior care.