The reason why I decided to create this discussion thread is to alert others what many issues may arise after becoming a POA for the elderly. As the old saying goes,"It's best to talk to someone that's been there and done it."
I like to call this discussion thread,
(The do's and don'ts of a POA for dummies in plain English).
POA is also known as a Attorney In Fact. To understand, the do's and don'ts of a POA requires one to become an attorney to know the laws & rights of a POA. In this discussion I will discribe the aging parent or aging relative as the "Client."
Usually in most cases it's the "Client" that appoints with trust a POA. POAs Valitears, agrees to accept to be a POA. There is many types of POAs depending on the "Client's" issues. I will talk about DPOA. (Durable Power of Attorney) for Healthcare & finance institutes. Some POAs are Springing (When incompetent) and some take effect immediately upon the client's signature.
What is a living will declaration? Directs the medical treatment you are to receive in the event you are in a terminal. Some people think that a POA is for this reason. But, if the client has a living will declaration in place with their doctor there is no need for a POA. The living will declaration is in place!
The Client has every right to appoint anyone they trust to be their representative and to record this with their healthcare providers. As long as the client is compatent. A POA is not needed to appoint a representative. The client can do this on their own without a POA. The main factor in this is, (Is the client competent or incompetent)That is the number one factor in play.
Some think that a POA is needed in order to be a Healthcare representative for thier client. No it's not needed as long as the client is competent, filed a living will declaration, appointed a person with trust as their representative and recorded this information to their healthcare providers. It's best to have everything in writing, witnessed and notarised. Doing all of this above, a POA is not needed for Healthcare.
POA over financial,
A POA is not needed for financial purposes if the client has their representative named on their assets as "Joint". But, named "Joint" may cause issues down the road. Because your assets may become your client's assets if Medicaid gets involved. As Medicaid goes back five yrs.
Many issues come into play after becoming a POA that most have not a clue.
POAs are not allowed to be "Joint"on a bank account with the client. Not allowed to accept a gift or gift, Donate, Transfer funds, Charge for services or borrow.
Many say that a POA isn't a job. I would differ that and say Yes it is. Requires,your out of pocket spending and your time as a accountant & recorder. When you agree to be a POA. You're accepting to do this job for free without any reinburement of pocket cost. Be aware of this!
My statements above is what I found from being a DPOA. I'm not stating avoid being a POA. I'm just stating there's other ways of doing things other then becoming a POA for someone. Just depends on the client's issues.
I found many flaws that I wasn't aware of after becoming a DPOA. If your not a attorney.You wont know what questions to ask a attorney when creating a POA. A attorney will only do what you request. They don't read minds.
I will end this by giving advice,
Do not attempt to create a POA on your own or without a attorney. And be aware that Being a POA means "FREE OF CHARGE". No reinburement.
I found that being a DPOA stopped me from many tasks. I was also a Caregiver and a DPOA for the same relative "Client". I had two jobs to do. Caregiver and DPOA. This DPOA stopped me from being hired as my client's Caregiver. This DPOA forced me to do this Caregiver job for free of charge without any reinbursement. I was told that because, I'm my client's DPOA. I can't charge for services or accept payments for my services.This means I can't be hired, paid to be my client's caregiver. For me this is unfare. I was Caregiver before this DPOA. I feel that being a Caregiver isn't the same service as POA services.
Has anyone else ran into issues being a POA for someone? Because, I sure ran into many issues with this DPOA I have. Another issue I ran into was, Chase Bank doesn't allow POAs to have access to online banking. This is a issue for me as a POA. I wanted to setup online banking so I can manage my clients accounts and setup auto bill pay and check balunce online.
I ask, has anyone else ran into issues as a POA? Are you a POA and Joint on your Client's bank account? I read and see so many that are in fact joint. I like to know how you all get away with being "Joint"?
I have more issues about this DPOA but, not enough room on this page to keep explaining. Sometimes I feel that the meaning of a POA is only for finger pointing if issues arrise.
Anyone esle have issues with their POA?