It is a good idea to find out how a power of attorney will fit your unique circumstances.
Powers of attorney can be easily obtained online. However, some of the issues they create can be masked, according to MD Magazine in “Five Questions to Ask About Your Financial POA.”
The problem is that form documents contain boilerplate language that might not work for everyone’s unique situation. If you take care of an elderly parent, you will want to make sure that the general durable power of attorney authorizes the agent (you) to continue paying for ongoing care and to make investment decisions.
These problems can be overcome by hiring an estate planning attorney to craft your general durable power of attorney.
The attorney can assist your elderly parent to create a document that does what he or she needs done and that is not just boilerplate language.
An estate planning attorney can help you create plans that fit your unique circumstances and may include a power of attorney.
Reference: MD Magazine (Dec. 27, 2017) “Five Questions to Ask About Your Financial POA.”
