Our last article covered more of the technical aspects of various types of Power of Attorney and how to go about getting one in place. This article deals more with the considerations that go into getting your healthcare wishes articulated in a way that ensures they will be honored via a Living Will, a Durable Healthcare Power of Attorney, or both.
As our parents (and we) get older, there is a greater risk for a sudden change in physical or cognitive health such that someone else needs to step in and either assist with or entirely take over their health and/or financial decisions. The instrument for assigning someone these powers is a Power of Attorney.
A financial POA can be challenging to get into place because there are high levels of fear, uncertainty, and trust involved. Who, in their’ right mind’ would want to assign the rights over to someone else, even your most trusted child? The problem is that in your ‘wrong mind,’ it is too late to make this assignment.