Our Ask An Angel correspondent is Arlene Petersen, Certified Senior Advisor and Life Care Navigation Specialist in the area of senior home care.
Q. My husband and I need to get our legal matters in order. We know we have to get a power of attorney in place for each of us. I’ve heard there are two kinds: one for our finances and one for our health. What is the difference?
A. Our legal documents are sometimes neglected and often are not properly put in place until we are under pressure or operating in crisis mode. That is not the best time to be putting them in place. You are correct, there are two types of power of attorney documents, one takes affect should you become incapacitated in health, and the other one handles finances. Both legal documents allow a designated person, whom you choose, to act on your behalf when it comes to your health or finances. My advice would be to contact an elder law attorney who can guide you with the proper forms for Illinois. I always tell folks to lean on the experts, but in general it is important to know a few things. The same person may serve as both the health care agent and the financial agent, or different individuals may be appointed. An elder law attorney may ask pertinent questions to help you decide who to designate. This is important. Some people choose their children, but sometimes a child may not always be the best choice. Third parties, such as a hospital or a bank, may rely on your POA documents when the time presents itself. Because of this, a power of attorney is a powerful document. The principal, the person making the delegation of power to an agent, must totally trust the agent with his or her health and wealth. These documents are important tools that can be used to assist and protect an older person, or be misused to exploit that older person. Much depends upon the trustworthiness of the appointed agent. Most Elder law attorneys will recommend that you have a power of attorney in place. Once in place, you should have a copy of them as well as giving copies to your chosen agent. If you already have a power of attorney in place, you might want to check with your attorney to make sure you have the most current format. Your estate planner will be able to review your documents to ensure you have the most up-to-date versions. Having your existing estate plan reviewed may be the best decision for you and your loved ones.
Have a question for our angel correspondent? You can send our angel an email to apetersen@visitingangels.com or send your question via mail to Ask An Angel, 65 Woodbury St., South Elgin, IL 60177.
