Have you talked to your parent about incapacity planning? Although talking with your aging parent about planning for his or her potential incapacity is never an easy task, it can be critical to have these difficult conversations to help ensure that your parent may be protected. A power of attorney can be an essential legal document because it can allow someone to put in place a plan for managing his or her affairs in the event he or she is unable to do so due to something such as incapacitation.
An example of such a circumstance that may benefit from a power of attorney being in place could be a tragic car accident where a person suffers injuries that impact his or her ability to make sound decisions. Alternatively, a common concern as our parents get older, a senior may begin to suffer from dementia or Alzheimer’s. With a power of attorney in place, you can help ensure that your aging parent’s wishes are carried out in accordance with his or her plan if your parent is ever in the position where he or she is unable to manage affairs.
In the power of attorney document, your parent will identify one or more persons to act as his or her agent in the event of incapacity. The power of attorney document outlines the specific powers and authority that the agent has and it can be crafted based on your parent’s wishes. The agent acting pursuant to the power of attorney is a fiduciary to your parent so the agent must act only in your parent’s best interest. It may be important to note that putting a durable power of attorney in place can be important for incapacity planning. The durability feature means that the power granted under the power of attorney survives incapacitation of the principal, your parent.
If your aging parent does not have a power of attorney in place, then you may need to enlist the help of an experienced estate planning attorney to put one in place for your parent now. As with all estate planning, many people may think that there is no need to rush. A power of attorney, however, can be critical because, in many states, including Florida, if you feel that your parent is unable to manage his or her own affairs, you may need to have your parent placed under guardianship if there is no power of attorney in place. This may mean a court will have to determine whether your parent is in fact incapacitated and unable to act on his or her own behalf. The court may need to hear from a doctor or witnesses to make this decision. Once your parent is deemed incapacitated, the court next decides who manages his or her affairs and how to do so. The power of attorney can eliminate the need for court intervention and give your parent the ability to control who acts as his or her agent.
Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.