power of attorneyWhen your aging parent begins to show signs of dementia, it can be difficult news to handle. Adult children often struggle with what to do next; in addition to parental care, questions arise over creating a trust or appointing a power of attorney. Although an Alzheimer’s diagnosis isn’t the end, it can take its toll on the unprepared. 

Even if your parents aren’t showing symptoms yet, it can be a relief to plan ahead. If your parent does become incapacitated, it’s a comfort to know that they have a reliable person looking out for their best interests. Read on to learn several reasons why a concerned adult child or family member might want to assign a power of attorney (POA) for a parent with Alzheimer’s.

What is a Power of Attorney?

Before you decide to have a POA over your parent with Alzheimer’s, you’ll want to understand what it means. A power of attorney is a legal document allowing a person to act on behalf of someone else regarding financial or healthcare decisions. There are different types of power of attorney, and each has a specific purpose. However, the durable power of attorney is the most common. 

A parent with Alzheimer’s would need to sign the document if they have the capacity to know what a power of attorney is, what it does, and what they are signing for. Seniors in the early stages of the disease can normally make this distinction. 

Related Article: How to Get a Power of Attorney for a Sick Parent in California

Overall Safety of a Parent with Alzheimer’s

In the hierarchy of needs, self-actualization and security are two of the core needs that people must have to survive. Adult children want their parents to continue living happily and in the best conditions. However, if seniors living alone can no longer make choices that satisfy their basic needs, you might consider asking them to grant you power of attorney. This may be most impactful to seniors living independently who enjoy their freedom, but their safety is compromised when they have Alzheimer’s.

Related Article: How to Get a Power of Attorney for a Sick Parent in California

Financial Stability for a Senior Parent

Even if your senior parent is of sound mind, having power of attorney can be a safety net on their finances. They may be able to continue living alone, but will they remember to visit the doctor or pay bills on time? You can oversee their finances so they won’t risk overcharging their credit cards or fall victim to financial elder abuse. Additionally, some adult children may not be able to care for their elderly parents with the attention they deserve. With power of attorney for your parent, you can allocate financial resources to hire a caretaker down the line. 

Health and Well-being 

It’s tough having this conversation with your parent. But if they’re able to make this decision sooner than later, it can save you and your family heartache and pain.  Everyone involved will be acting in the best interests of a senior with Alzheimer’s, and ensuring their health and well-being are secure before and after they become incapacitated.

Preparation is the key for parents with dementia. If you’re considering power of attorney over your parent with Alzheimer’s, start with a conversation.

Do you have more questions about caring for your aging loved ones?

If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.

As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.

The post Reasons to Get Power of Attorney for a Parent with Alzheimer’s first appeared on Marcia L. Campbell, CPA.