Many people do not want to think about the future. They cringe to think about the days when they are old and are unable to care for themselves. Most of us do not want to even consider the reality that we may not be able to make decisions for ourselves.
I frequently have family members ask how then can help a loved one in a nursing home or long-term care facility who may be incapable of making their own financial decisions. The answer is complicated if no discussion amongst the family was had prior to the admission. As a result, I suggest everyone have a Power of Attorney For Property.
A Power of Attorney For Property is a document that allows a delegated person to make decisions concerning your financial affairs and the management of property. You do not have to be an attorney to be a ‘power of attorney.’
It is best to execute a Power of Attorney For Property when you are in good health and before you anticipate you may need it. Executing the Power of Attorney For Property saves your family from being forced to make difficult finance decisions without your knowledge or input. A properly executed Power of Attorney For Property allows you to specify what decisions your agent can and can not make.
You may designate any person over 18 years old as your Power of Attorney For Property. In order for a Power of Attorney For Property to carry its full weight and effectiveness it most states require the document to be witness by at least two people. Generally, the document is good from the date it is executed until death.