If you have a loved one in his or her golden years, you likely worry about everything from health concerns to financial concerns. In addition, if you are like the majority of Americans, you rely, at least in part, on outside help to care for your loved one. Although most people and facilities that provide care to the elderly are compassionate and conscientious, there are those who take advantage of the elderly. In fact, some people actually prey on the elderly. Just as you must be vigilant with a young child, you must be equally vigilant with an older loved one who may not be able to watch out for himself or herself. One common tool used by those who prey on the elderly is the power of attorney, or POA.
POAs are widely used by people of all ages all across the country on a regular basis. When used appropriately, they are an excellent and simple legal tool that can allow you to give someone temporary control and authority to act on your behalf in a business transaction. The problem is that the ease and simplicity of the POA also makes it a excellent tool for financial predators.
A general POA can give someone almost complete access and control over your finances. Unfortunately, elderly individuals are frequently convinced that the document is needed to complete some trivial task and then the document is used to clean out their bank account. A broad POA should only be given to someone whom you trust implicitly ? never to a casual acquaintance or a healthcare worker. Sit down with your elderly loved one and make sure that he or she understands what a POA is and why one should never be signed without allowing you, and your estate planning attorney, to review it first.
The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.
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