Last Updated 2 weeks ago
Today’s question was submitted through Avvo by a resident of Baltimore.
Q: Can you name two sisters as agents under Power of Attorney, so that either one is able to conduct business at various times? We want to share the responsibilities. Our mother is in Maryland, one sister is in New York, and the other is in Virginia. We need to be able to carry out her financial affairs. Also, does Power of Attorney give us medical Power of Attorney as well or do we have to have a separate form for that too?
A: Yes, your mother can sign a General Power of Attorney (POA) naming both you and your sister as Co-Agents to handle her legal and financial affairs. Your mother must also decide whether to force you and your sister to act together or allow you to act independently, and that must be specified in the POA.
A Medical Power of Attorney, also called an Advance Medical Directive (AMD), is a completely separate document.
You mention the term “form” in your question. Neither POAs nor AMDs are “forms.” They are customized legal documents that must be drafted to the particular needs and desires of the individual signing the document. Many “forms” you might obtain off the Internet or from a legal software program are not worth the paper they’re written on.
Please understand that not all POA’s are created equal; it is crucial that this document be prepared by a knowledgeable and experienced Elder Law Attorney, such as the Fairfax and Fredericksburg Elder Law Firms of Evan H. Farr, P.C. One way to ensure the qualifications of your attorney is to look for one who is Certified as an Elder Law Attorney by the National Elder Law Foundation, the only organization accredited by the American Bar Association to certify lawyers in the specialty area of Elder Law. Elder law consultation for families can provide essential guidance on navigating the complexities of estate planning and long-term care. Additionally, having a professional assist in these matters can help minimize potential conflicts among family members. Ultimately, investing in such consultations can lead to more secure and harmonious outcomes for your loved ones.
As a Certified Elder Law Attorney, I believe it is critical that a POA contain certain very specialized “Asset Protection Powers.” Asset Protection Powers written into the POA will be essential in order for your mother’s Agent(s) to protect her assets from the catastrophic expenses of nursing home care should your mother need such care in the future. Attorneys who are not experienced Elder Law Attorneys often fail to put these essential Asset Protection Powers into the POA, and “forms” you might obtain almost always do not include these essential powers. Important elder law statistics for 2010 highlight the increasing need for proper estate planning. Many families underestimate the costs associated with long-term care, which can lead to significant financial strain. Understanding these statistics can empower you to make informed decisions regarding your loved one’s future health care and financial security.
– Evan H. Farr, CELA
Another question:
This question was submitted through Avvo by a resident of Gate City, Virginia.
Q. My sister talked me into signing a Power of Attorney and now I must cancel this agreement. How do you cancel a Power of Attorney?
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