Some may feel frightened at the prospect of losing their independence, and some are afraid that the agent they appoint may not act in their best interests. It's called a "durable power of attorney for finances.

Although a general power of attorney document can incude a combination of powers, Medical POA and Financial POA are often prepared as separate legal documents.Whether creating a medical or financial POA, timing and a principal’s ability to make informed decisions are important factors.

A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own. "For more information about preparing documents to direct your health care, see the article A financial power of attorney is a power of attorney you prepare that gives someone the authority to handle financial transactions on your behalf. The person that you designate is generally referred to as the "Attorney in Fact” or as your agent. To make this easier, some states combine a durable power of attorney for health care and health care declaration into a single form, commonly called an "advance health care directive. is a special power of attorney designed for a specific purpose. Being proactive is crucial because a principal must be competent to establish a POA.
AgingCare.com does not provide medical advice, diagnosis or treatment; or legal, or financial or any other professional services advice. "With a durable power of attorney for finances, you can give a trusted person as much authority over your finances as you like. Technically, you could -- but it isn't a good idea. Most seniors do not receive a diagnosis of dementia until their condition has progressed significantly and they are already showing signs of serious cognitive impairment. In case you ever become mentally incapacitated, you'll need what are known as "durable" powers of attorney for medical care and finances. Health care powers of attorney are also called "durable" powers of attorney because they: remain in effect once a patient loses decision-making capacity. Your agent doesn't have to be a financial expert; just someone you trust completely who has a good dose of common sense. No one likes to consider such grim possibilities, but the truth is that almost every family will eventually face this kind of difficulty. When detailing the types of powers the agent holds, the principal can designate legal abilities in specific areas of interest. A durable medical power of attorney (POA) allows a person to appoint someone to make health care decisions on their behalf if they are unable to make the decisions for themselves. This assistance is invaluable for an elder who becomes incapable of making informed decisions for themselves. While medical and financial powers of attorney can't prevent accidents or keep you young, they can certainly make life easier for you and your family if times get tough.A power of attorney is a legal document that gives someone you choose the power to act in your place. A simple accident or illness could suddenly leave a loved one incapacitated, but POA documents can allow agents to immediately step in and help manage the situation Drafting POA documents well in advance is also an important part of preparing for the possibility of Alzheimer’s disease or other forms of dementia. A durable power of attorney for health care is a document which allows you to authorize another person (called an agent) to act on your behalf in matters relating to your personal care, medical treatment, hospitalization, and health care. A Durable Power of Attorney is a document that provides authority to another person to make financial and/or health care decisions on your behalf. When arranging your care, your agent is legally bound to follow your treatment preferences to the extent that he or she knows about them.To make your wishes clear, you can use a second type of health care directive -- often called a "health care declaration" or "living will" -- to provide written health care instructions to your agent and health care providers. Making separate documents will keep life simpler for your agent and others.For example, your health care documents are likely to be full of personal details, and perhaps feelings, that your financial broker doesn't need to know. )With a valid power of attorney, the trusted person you name will be legally permitted to take care of important matters for you -- for example, paying your bills, managing your investments, or directing your medical care -- if you are unable to do so yourself.Taking the time to make these documents is well worth the small effort it will take. It’s essential to choose an agent wisely and to discuss the scope of their ability to act on your behalf before drafting a POA.An attorney can explain the different types of powers of attorney in greater detail and tailor any of these documents to fit a client’s unique situation, desires and comfort level. Keep in mind that POA documents can be revised or revoked at any time as long as the principal is still legally competent.
In case you ever become mentally incapacitated, you'll need what are known as "durable" powers of attorney for medical care and finances. A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own. POA for health care gives an agent the authority to make medical decisions on behalf of the principal. However, you can set out specific provisions in the Power of Attorney telling your agent how you would like them to act in regards to deathbed issues. Likewise, your health care professionals don't need to be burdened with the details of your finances.That said, even though you should make separate power of attorney documents for health care and finances, it makes a good deal of sense to name the same agent under both documents.