Residents of Michigan with aging parents may be interested in information about care-giving and powers of attorney. There are five different types of POAs: a power of attorney for health care, a limited power of attorney, a financial power of attorney, a durable power of attorney and a springing power of attorney.
A power of attorney for healthcare gives the agent the power for making all health care decisions for the grantor when they cannot do so themselves. A limited power of attorney grants the agent limited power for handling specific areas, such as managing a move to an assisted living facility. A financial power of attorney gives the agent access to all financial resources listed in the document. A durable power of attorney may give the agent power over all aspects of their parents' healthcare, life and finances. A springing power of attorney goes into effect in case of emergency causing the grantor to be unable to speak for themselves.
Knowing where a parent's important documents are located their personal preferences in many areas, such as life support or end-of-life decisions, could be crucial to their well-being. It may be important for caregivers to discuss these issues with their parents while they are still capable of making choices that are clear to their children. Designating a power of attorney prior to becoming incompetent may be very beneficial to the involved parties.
When aging adults and their children feel that it is time to assign power of attorney, planning is important to ensure that the parents receive proper care. An attorney who deals with powers of attorney and estate planning issues may be able to help by advising them of their best options, staying on top of regular reviews of the documentation and informing them how any new laws might affect their situation.