Growing older is rewarding, but challenges do arise. What happens if health or age-related issues cause a loved one to no longer be able to manage their finances or make medical choices? Without the right legal tools in place, there might not be much you can do. Luckily, a Power of Attorney (POA) eliminates unnecessary complications and can protect your future or that of a close loved one in Florida.
At its most basic, Power of Attorney is a document that Florida law recognizes as allowing someone else to act on your behalf in various matters, usually after incapacitation. POAs cover a wide range of decisions, including managing bank accounts, paying bills, handling investments, selling property, and making healthcare choices. Without a POA in place, families may face significant hurdles, up to and including court intervention, to gain the authority to act on a loved one’s behalf. These delays can be costly and stressful at moments when time is of the essence.
There are several types of POAs, with the most common including:
General POA: Allows broad control over financial and legal matters. In Florida, unless specifically stated, POAs remain valid, also known as durable, even after the principal—the person giving another person authority—becomes incapacitated.
Medical POA: Specifically authorizes an agent to make healthcare-related decisions when the principal cannot do so.
Limited POA: Grants authority for specific actions, financial transactions, or time periods.
There are other types of POAs, such as springing POAs, but Florida does not recognize every type that other states do. Anyone interested in forming a POA to help manage their affairs must work with professionals so that the document stands up to legal scrutiny in Florida.
Despite the advantages of having a POA, many seniors hesitate due to concerns about placing too much power in another person’s hands or believing they are too young or healthy to need one. However, life is unpredictable, and waiting too long to create a POA can leave families in tough situations when accidents happen, or health conditions worsen.
Why Seniors Should Consider a Power of Attorney in Assisted Living and Memory Care
Understandably, seniors have a greater reason to require a Power of Attorney than other population groups, as age significantly correlates with worsening health conditions. If something happens and you end up in the hospital, you definitely want someone you trust to have the power to speak on your behalf. If not, your medical rights and wishes are unlucky to be acknowledged, let alone respected.
However, in addition to the fact that POAs can help when health worsens, the overall lifestyle of many seniors means that a POA can be a real boon to their lives, especially in retirement. Most seniors don’t go to work, actively invest, or think about life twenty years in the future. If you still own properties, rent, mortgage, and similar bills need to be paid. Sometimes, it’s better to let someone you trust to deal with financial concerns and focus on your immediate health and well-being.
Plus, cognitive decline, whether due to dementia, stroke, or general aging, can make it difficult or impossible for seniors to sign legal documents when decisions need to be made. If a POA is not in place before this decline, family members may have to seek court-appointed guardianship to manage important matters—an expensive, time-consuming, and emotionally draining process that a POA avoids.
At the end of the day, signing a POA acknowledges that you will need assistance and help one day when you can’t do everything on your own. It isn’t something to be afraid of, as nearly all people can benefit from security in their golden years. In a similar vein, assisted living and memory care can be a safety net for seniors and their families, eliminating health, safety, and security concerns that come with aging.
If you or a loved one are considering assisted living or memory care in Florida, contact A Banyan Residence today to tour our facility.
