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Need to learn more about power of attorney in order to represent an ill parent? We have got you covered with this article.
As our parents age, their abilities start to become compromised. This is why they need help with legalities to secure certain affairs. That is when we need to step in and take care of our parents who are too old or frail to handle such matters by themselves. Getting power of attorney for an ill parent is one of the primary steps to ensure that. Now, you might be wondering how to become a power of attorney? Let us get to the details.
- Understand the Rules of Law
There are some rules to understand when you are dealing with the law. It is important for you to know that you can’t attain a power of attorney if a person is handicapped. Power of attorney can only be acquired if the person is in his full senses and willing to hand over to you a legal document. So, it is essential for the respective person to understand what a power of attorney entails and the implications of processing it.
- Appraise your Parent’s Legal Capacity
When is the right time for becoming a power of attorney for your parents? The timing is often key to successfully becoming one. Your parents must have the legal capacity to hand out the power of attorney to you.
The term ‘capacity is often a blurred area and is often not a given. Your parent’s capacity to legally understand the law of power of attorney and to grant you the papers with full consciousness is what one may refer to as the legal capacity. Keep in mind that some power of attorneys cannot be granted till the principal person ceases capacity. Here is where it requires the need for a professional to evaluate your parent’s legal capacity.
- Know the Different Types of Power of Attorney
When you are becoming the power of attorney for your parents, it is important to understand the different types. You may have some kind of authority to sell a property on behalf of your parent’s but your responsibility could only be limited to negotiation, where your role as an agent ends. So, make sure you understand your role as an agent and the limits of it early in the process.
- Have a Discussion with your Parents
The only person to grant you a power of attorney here is your parents. This is why you need to have an open discussion with them. Open up your heart and be compassionate when talking to them about it. Share your concerns and why you think getting a power of attorney would be the right thing to do.
When discussing, make sure to explain the options and the impact each one might have. This is important for your parents to know what laws they are agreeing to when signing the power of attorney. Trust plays a huge role when choosing an agent so ensure they can fully trust your capabilities.
- Talk to Necessary Healthcare and Financial Professionals
You must know that the power of attorneys often faces enormous challenges. Just having your parents’ trust and permission is only the beginning. You need to get a lot more parties convinced to be an effective agent for your parents.
A lot of relevant organizations and professionals such as banks and healthcare professionals should be informed about your new role. Otherwise, you may find the process to be difficult if these relevant parties are uninformed from the start. So, try to remain a step ahead and inform your parents’ respective financial and healthcare professionals. This will make your life much easier! Sign necessary agreements with the third parties as such.
- Guide Your Parents to Select the Right Action
Even though you are carrying out the procedures, you need to understand that your parents are the main decision-makers. So, give them the right amount of time to understand the situation and select what is best for them.
You are here to guide them to take the right action, not force them into taking one. Understand the difference. Your job is to make sure your parents understand that you are taking their best interests into consideration. Try having a conversation full of thought-provoking questions. Be their best supporter in order for them to rely on you to secure their best interests in the future.
- Take Special Care of Your Paperwork
While processing papers, you may find yourself getting stressed over the details because let’s face it, it is quite time-consuming. You need to pay attention to the details while filling out forms. This is where a lawyer may come in handy but if you are willing to take charge, that is fully possible.
There are some basics that you definitely cannot miss while drafting your paperwork. Some of these include the name of the principal, the agent, and the responsibilities appointed to the agent. Mentioning durables is also a must.
- Safely Keep Copies of Necessary Documents
You have to take care of the necessary documents with great care. The first step to do that is by ensuring they are in your possession. Since you are the agent, you must have it kept in a secure place so that you can have easy access to it.
Other relevant parties may want to verify documents or see them often. This is why you need to make copies of such documents. Make copies and keep them in different places for greater security. Also, note that it is important to have copies of your parent’s different valuable assets and belongings. These may include loan documents, bank statements, and much more.
Since you now have a better understanding of how to get the power of attorney for your parents, why not get on with it right away? Make your plan, move forward wisely, and seek advice from experts if needed. Do not hesitate to research and find out the most effective course of action.