Power of Attorney (POA) is one of the most powerful things that someone can grant to another person and presents several responsibilities and challenges that need to be understood in advance of formalizing the paperwork. Depending on the POA document’s scope, there are other things that the designee could become responsible for. We’ve outlined a few of the lesser-known ones below.
Make Specific Decisions Regarding Elder Care
Having POA over a loved one’s healthcare decisions as they age could be an essential step to getting them the best care they need and can afford. If your loved one is unable to make some of these decisions and you’ve been designated as their POA, you can decide which doctors and care providers they’ll use, dietary schedules, personal hygiene practices, and much more.
Apply For Public Assistance on the Principal’s Behalf
A person granted POA will likely also have a good understanding of the principal’s financial situation. If the principal meets certain financial thresholds, the POA can apply for benefits such as Social Security, Medicaid, and veterans’ benefits on their behalf. This could be important if extra money is needed to provide care for the individual.
Managing Business Decisions if the Principal Can’t
If the POA has been designated broad authority, they could make decisions pertaining to the principal’s business. This is especially relevant if the principal is a leader at a high-value business or just generally has a large number of valuable assets.
Making Investment Decisions
Depending on the type of POA, the designee can have the authority to make significant decisions regarding investment vehicles of the principal. The potential ramifications here are obvious and should be carefully considered when drawing up this document.
After reading this, you might be thinking about setting up a POA to reflect your interests or adjusting one you already have in place. In either case, Richard P. Arthur, Attorney at Law has been helping Dayton and Trotwood clients with these situations for more than 25 years and is ready to help you too. Call 937-254-3738 to learn more.