Our guest speaker for June 10, 2017, was Erik Homenick of Homenick Law, who spoke on Power of Attorneys and was introduced by Bob Black. Erik received his law degree from the University of Kent and a business degree from UNB Fredericton. In 2014, he established Homenick Law...
There are four subgroups of Power of Attorney (POA) - general, limited, enduring (most common) and conditional. It’s important to know who to appoint as your POA as they will have FULL signing authority for your home, banking and investments.
It is not recommended to have multiple POA’s. An example would be all of your children, as this causes conflict. It is recommended to have one trustworthy person as your designated POA but then to also have an alternate if your POA dies or becomes mentally incapacitated.
The POA has a lot of responsibility and should only accept the position after careful consideration. It can sometimes turn into a long and complicated ordeal that involves numerous health care specialists, evidence lawyers and court time.
Factors to consider when appointing a POA – age (must be 19), someone you fully trust now and in the future, emotional capacity.
Elder financial abuse is so significant now, and having the ability to sign for them is like a license to steal. Red flags for elder financial abuse include: If POA has the grantor deemed incompetent, making changes to health care providers, poor living conditions, the disappearance of funds, the grantor is confused about where the money has been spent.
There are four subgroups of Power of Attorney (POA) - general, limited, enduring (most common) and conditional. It’s important to know who to appoint as your POA as they will have FULL signing authority for your home, banking and investments.
It is not recommended to have multiple POA’s. An example would be all of your children, as this causes conflict. It is recommended to have one trustworthy person as your designated POA but then to also have an alternate if your POA dies or becomes mentally incapacitated.
The POA has a lot of responsibility and should only accept the position after careful consideration. It can sometimes turn into a long and complicated ordeal that involves numerous health care specialists, evidence lawyers and court time.
Factors to consider when appointing a POA – age (must be 19), someone you fully trust now and in the future, emotional capacity.
Elder financial abuse is so significant now, and having the ability to sign for them is like a license to steal. Red flags for elder financial abuse include: If POA has the grantor deemed incompetent, making changes to health care providers, poor living conditions, the disappearance of funds, the grantor is confused about where the money has been spent.
Make sure to discuss advanced health care directives (aka living will). A Power of Attorney is a legal document in which a person specifies what actions should be taken for their health if they are no longer able to make decisions for themselves because of illness or incapacity.
Once you agree to be a Power of Attorney, you are bound to it.