Individuals preparing for retirement or already enjoying their golden years have unique legal concerns. While often living on a fixed income, they are vulnerable to creditor claims. If their health changes, they may require support from professionals or family members who can act as caregivers.
Major medical events and significant cognitive decline could render a person incapable of managing their own affairs. They could then be at risk of the wrong people taking legal action and securing authority over them.
Planning before a person experiences cognitive decline can help them avoid scenarios in which they do not receive appropriate support.
How a durable power of attorney can make a difference
A basic power of attorney ends when the person who drafted the document dies, recovers from their medical condition or becomes permanently incapacitated. Individuals dealing with dementia or brain damage after a stroke may be at risk of guardianship even if they previously put simple powers of attorney in place.
Durable powers of attorney protect people from that exact situation. Durable documents continue to offer protection even when the principal becomes permanently incapacitated.
Essentially, older adults can nominate their own guardians before their condition declines. They can choose who has authority over their financial and medical affairs. The addition of durable powers of attorney to an estate plan can provide an older adult with peace of mind and can prevent their loved ones from fighting over that authority when they need support.
Expanding an estate plan to include a variety of documents can be beneficial for older adults. Those concerned about incapacity as they age may need to address their elder law concerns before they require daily support to manage their health concerns and finances.
