I get this question fairly often. People will ask if they should think about getting a Power of Attorney because they are getting ready to retire, or they have retired, or they are getting close to age 60, or 50….or whatever.
I always give the same answer….The best time to get a Power of Attorney is NOW!
We all think we are going to live forever, but we don’t. We all think we will be healthy for our entire lives, but often we don’t. Unfortunately, if you wait too long, you can’t get a Power of Attorney anymore.
In order to get a Power of Attorney, you need to be competent. That means if you wait until you have dementia, it is too late. That means if you are in a car accident and in a coma, it’s too late. That means that if for any reason you are not able to take care of your own affairs, you are probably too late.
A Durable Power of Attorney will allow the person you designate as your agent to take care of your affairs. That person can write checks to make sure your house payment, utility payments, car payments, credit card payments etc. are all paid on time. There are also a number of other powers that the document can provide based on how it is drafted.
Some people are afraid to give someone else that authority while they can still take care of themselves, but if you wait until you are not able to take care of yourself, you are usually not legally competent to sign the Power of Attorney.
What can you do?
I often tell people to go ahead and draft the Power of Attorney and then keep it in a safe place until it is needed. Just because the Power of Attorney is drafted does not mean that you need to hand the paper over to your agent. You can put the Power of Attorney document in a safe place and let the agent know where it is after it is needed.
Also, remember that the Agent under the Power of Attorney must only do things which are in your best interests. And if you are still competent, you can watch over their actions. If you can’t trust the agent to do the right thing while you are there to watch over them, how can you trust the agent to do the right thing when you are not able to watch over them?
If you have any questions about this or any other legal subject, please feel free to give us a call at 757-234-4650 or visit our website at http://www.BeaversLaw.com.
Tags: competent, Elder Law, Estate Planning, Power of Attorney, Virginia