Having a Power of Attorney Adds Flexibility
The use of a durable power of attorney can add a great deal of flexibility for an older adult who is not quite willing to give up control of all financial matters. Many older clients who request or require the help of an adult child with financial tasks, such as paying out monthly bills, but also still want to maintain financial independence through the use of separate accounts. It is a common misconception that giving authority under a Durable Power of Attorney document will then limit the older adult’s ability to continue managing his or her affairs as they normally would have. Having a power of attorney in place does not limit an older adult’s ability to conduct his or her own affairs as he or she normally would. The older adult will continue to be able to direct transactions through financial institutions, enter into contacts and proceed as he or she otherwise would have. The advantage is that with the use of the power of attorney, the older adult now has the flexibility to have an agent to also act on his or her behalf.