Dealing with a loved one who cannot make educated decisions about their life is never easy. Often, this is the result of an illness or an accident, such as dementia, Alzheimer’s, a coma or other ailments that can affect a person’s ability to reason and communicate. Being unable to make important medical or financial decisions on their behalf can only worsen an already traumatic and stressful part of life. Discussing having power of attorney with your loved one, therefore, is something that should not be delayed.
Know the Facts
Power of Attorney is like handing over a spare set of keys in case of an emergency, that way if something happens to you, the principal, the other person, the agent, can act on your behalf. But power of attorney is not a one time, blanket decision that transfers all power over to another party.
First of all, know that power of attorney for healthcare and medical decisions is not the same as power of attorney for financial decisions. While some banks will allow one person to make changes to a financial account that has more than one name attached, hospitals require a separate legal document.
Second of all, there is a difference between power of attorney lawyer and a durable power of attorney in Arlington Heights. Where the former would expire or terminate if the principle became affected by a mental illness, a durable power of attorney would not, therefore allowing the agent to still make decisions on their behalf.
Start the Conversation
The sooner you can discuss power of attorney with family members and a suitable power of attorney lawyer in Arlington Heights, the better. Having a plan in mind for what should be done in case you or your loved one become incapacitated or unable to make important decisions can help the right course of action to be taken in such a scenario. Whether it is setting aside funds for assisted living, or ensuring that your estate goes to the right beneficiaries, being prepared for any difficult decisions down the road can ease your mind both now and later.