However, anybody else—including immediate family members such as an adult child—will require specific approval in order to use this authority on their behalf. There are two methods in which an adult child might take over the management of their aging parent’s affairs.

″The agent″ refers to the individual who has been designated to act in the principal’s best interests. It is the agent’s responsibility to ensure that the principle — in this example, their elderly parent or loved one — is well taken care of. The majority of seniors will require numerous forms of powers of attorney.

How to make medical decisions for elderly parents and spouses?

It’s a challenging job to begin with, making medical decisions for aging parents or a spouse who is ill. To minimize unneeded stress and uncertainty, talk to your family members about the importance of getting their affairs in order as soon as possible. It is critical for all adults to talk about their own goals and aspirations with their loved ones while they are still young and healthy.

Do I need a power of attorney for my elderly parent?

″It always makes sense to have a power of attorney in place, regardless of the circumstances,″ says Christina Jeter, Esq., of The Jeter Law Firm, PLLC. Being prepared is preferable to scrambling to figure out what an older parent would actually desire when they are in their golden years.″

What happens if a PoA is used on a parent?

A power of attorney (POA) appoints someone to have control over your parent’s affairs, which can expose them to abuse or financial exploitation. It’s critical to remember that the agent is acting in the best interests of the client. It is possible that they will suffer severe consequences if they do not behave in the best interests of your parent(s).