Your independence and autonomy are one of life’s greatest treasures, and the idea of that anything could change that can be scary. Setting up a power of attorney (POA) helps protect your independence by ensuring your wishes are honored if you’re ever unable to make decisions for yourself. While planning ahead can feel daunting, it’s a vital step toward providing peace of mind for you and your loved ones. With the right POA, you gain confidence that your future is in trusted hands, regardless of circumstances.
Think of a POA as a trusted teammate—a person who will act on your behalf during challenging times, ensuring your decisions and directions are carried out and your loved ones can focus on supporting you.
Choosing the right power of attorney is an important decision that should reflect your priorities and values. Take your time, gather information and select someone you trust to safeguard your independence and well-being.
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Disclaimer: This content is not intended as financial advice. Remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.
A power of attorney is a legal document that allows another person to act as an agent onyour behalf. This person can be authorized to pay your bills, manage your investments, make health care decisions and more for a limited or extended time.
You get to say what this person can do and under what circumstances they’re allowed to do it. If you ever change your mind, you can designate someone else.
Before setting up a POA, it’s essential to have a clear understanding of its function. While POAs are recognized in every state, the specific rules and regulations governing them can vary. This means that the powers your chosen agent can exercise might differ depending on your location.
Decide what’s important to you. You will be asking someone to represent you in medical, legal and financial matters. Ask yourself:
Find a family member or friend who shares your values and priorities. They can help you better because they understand your feelings and how you would react in various situations. This makes it easier for them to act in your best interest.
Their knowledge of your emotions and reactions allows them to provide more effective assistance. By knowing you well, they can make the choices that are most beneficial for you.
Your power of attorney will be making decisions and using your finances before your will takes effect. This person must be honest and someone you trust completely.
In all states, the person you appoint must be over 18 years of age. Most people choose a family member to help make decisions in their best interest. However, you can also pick a friend or someone neutral for this purpose.
Ideally, the person you choose:
The next crucial step is having open and honest conversations with the person you choose as your POA and with your loved ones. Be open and honest about your hopes, fears and any specific wishes you have for your future care. Using “I” statements can help express your feelings clearly, like: “I feel more secure knowing you’ll be there to handle things if needed.” Remember, clear and concise communication is essential. Here are some tips.
Now that you have someone in mind, ask if they’re willing and able to act as your power of attorney. Like all sensitive topics, approach the subject with empathy.
Setting up a power of attorney can lead to conflicts and test family dynamics. Old jealousies and resentments can surface and surprise you.
You’ve got resources. An estate planner can walk you through the steps of setting up a power of attorney as well as medical advance directives, wills and trusts.
You don’t have to use a lawyer for setting up a power of attorney. Each state has a downloadable power of attorney form complete with instructions. Search online using power of attorney form and your state name as keywords.
Eldercare Locator is a government agency that can connect you to an information specialist.
No one likes to think about the possibility of serious illness. Just the thought of it can lead to difficult family conversations. You can help family members deal with their fears and negative emotions through empathy and clear communication.
Having a trusted power of attorney in place gives you control even when you are not able to administer your financial and legal affairs or make your own medical decisions. Your agent plays a crucial role in your estate plan and offers you and your family the security of knowing someone will act on your behalf with your best interests at heart.