What is Power of Attorney and how does it work?
This is a big question with several answers, but it’s very important that we address it!
A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your affairs if you become unable to do so. The reason there are several answers is that there are several types of POA. Here are some descriptions:
- Financial POA: allows your agent to make financial and property transactions, and handle taxes, stocks, safe deposit boxes, etc.
- Healthcare POA: allows your agent to make health care decisions on your behalf.
- Always remember that the most important thing with a POA is that they are only relevant when you’re unable to make those kinds of decisions! Just because you assign someone does not mean they have access to your checking account or medical decisions. It only means they have that access when a Medical Doctor determines that you are no longer capable of making those decisions for yourself!
The October 20th Lunch & Learn at Stow-Glen Retirement Village will address this question and questions about Living Wills. The luncheon is in Cedar Hall, doors open at 11:30, speaker and lunch at 12. Click on our Facebook page for more information!