In the first part of our series on continuing care retirement communities (CCRC’s) we took a look at how to find the right campus for you. Our second part explored the costs and financing options available for residents. Our third installment discussed what happens at a CCRC when and if your care needs change. In this, the fourth in our series, we take a look at planning for the future of your care.
Durable Power of Attorney
As we have discussed before, our care needs do tend to change as we get older, and our financial situations may become more complicated. Some older adults choose to create a durable power of attorney (POA) in which they appoint a trusted friend, relative, or financial or legal adviser to handle pre-determined legal, health, and financial matters on their behalf.
Types of POA
While the rules and types of POA vary from state to state, there are generally two types of POAs which older adults find useful.
The first type is the healthcare POA, in which you would give a trusted party the ability to make healthcare decisions on your behalf, should you become incapacitated.
The second type of POA is a legal or financial POA. In this type of POA, you would give a trusted party the authority to make legal and financial decisions on your behalf. This could allow them to sign legal documents for you, write checks to pay bills for you, or buy or sell a home on your behalf.
A POA can also specify when and under what conditions the responsibilities of the POA are transferred to the appointed person. It’s very important to sit down with your family and discuss these matters long before you feel that you may need them. This will ensure that your medical and financial wishes are honored even if you are ill or injured.
Completing all of this paperwork well ahead of your new move will ensure that you get the care you desire, according to your personal wishes, in the years to come. Doing it now will give you the peace of mind you need to go out and enjoy your new life in the community!
Learn more about legal power of attorney here. Always consult with a legal professional on legal and financial matters.