Having a power of attorney in place when an elderly parent or incapacitated loved one can no longer make either medical or financial decisions themselves is a great way to protect their rights and safety while enabling you to make crucial decisions for them.

When an individual prepares and signs a financial power of attorney, they are appointing someone they trust to handle certain legal transactions on their behalf, including all financial transactions such as managing investments, paying bills, buying or selling property and making financial decisions. When preparing your financial power of attorney, you can also limit the types of transactions that it pertains to. For example, you can limit it solely to real estate or banking or insurance. In other words, you don’t have to cover all financial transactions, only those you wish to be included.

Financial POAs come in two forms:

• Durable Power Of Attorney goes into effect immediately upon being signed and witnessed by all parties. It will last until the grantor formally revokes it or passes away.
• Springing Power Of Attorney can be signed now, but doesn’t go into effect until the grantor becomes incapacitated or is no longer able to make decisions for his or her self.

Get even more details and read The Difference Between Durable Power of Attorney and Springing Power of Attorney.

Progressives Group can prepare power of attorney forms so that you or your loved one is protected in the event that a lengthy illness, dementia, accident or other health issue renders you or your family member unable to make financial decisions for yourself. At Progressives Group, we’re always available to assist you in preparing power of attorney forms to protect your family.