When it comes to planning for an aging parent’s long-term care needs, few legal documents are as important as a durable power of attorney. Simply put, a power of attorney grants a designated person, known as the attorney-in-fact or agent, with the legal right to make decisions on the aging parent’s behalf. Through the durability of this document, should the time come when the parent is unable to make decisions, this authority can include assisting the aging parent with financial and legal matters.
With aging adults, a sudden illness, dementia or simply the aging process itself can lead to a situation where they become incapable of managing their own affairs. When a Florida durable power of attorney is in place, an adult child, or whomever the designated attorney-in-fact is, can step in and seamlessly continue paying their bills, handle their investments, and even make long-term care decisions.
Unfortunately, if this type of planning is not in place, any number of challenging situations can arise, including the need to file a court action to obtain a guardianship. This can be time consuming, expensive, and emotionally burdensome during a difficult period. Further, with a guardianship in place, the adult children may not be able to protect the aging parent’s money from the high costs of long-term care.
Planning ahead in this regard can make a huge, maybe even critical, difference. Despite the obvious benefits, many aging Floridians do not take the necessary steps to protect themselves, their assets, and their family from long-term care costs. Long-term care costs are a reality today. Research continues to show that the majority of seniors over age 70 will need some type of long-term care in the future.
Despite this continuing trend, many aging adults do not think about a future that could include long-term care. This could be for any number of reasons including a genuine fear over how to afford future care and that the senior will be in a position of vulnerability. When the aging adult’s planning is not completed in advance of a crisis, however, the durable power of attorney becomes the family and the senior’s best protection from this uncertainty.
Through the Florida durable power of attorney, the agent will be able to care for the elder in a way that makes sense for him or her. The agent will be able to find good care and determine the best way to pay for it. This could even include hiring an elder care attorney to help with the process.
If you’re aging parent is resistant, we encourage you to talk to them sooner rather than later. The durable power of attorney in Florida is your family’s best ally when it comes to crisis planning for the long-term care costs that may be needed in the future. We know this article may raise more questions than it answers and are here to help you as an elder care resource.