(POA ends with the death of the principal. Make decisions on behalf of the principal after their death.Break their fiduciary duty to act in the principal’s best interests.One of the fundamental rules governing an agent’s power is that they’re expected to act in their principal’s best interests. However, there are still a few things that an agent cannot do. What a power of attorney can’t doĪ generic POA document that doesn’t contain any limitations typically gives an agent broad power over medical or financial decisions. Apply for public benefits for the principal, such as Medicaid, veterans benefits, etc.Make investment decisions on behalf of the principal.Access the principal’s financial accounts to pay for health care, housing needs, and other bills.What can a financial power of attorney do?Īn agent with a valid power of attorney for finances may be able to: Again, the principal must be able to afford their living arrangements and the financial POA must approve these costs. This includes decisions regarding residential long-term care, such as assisted living, memory care, and nursing homes. Choose which doctors and care providers the principal uses.(These choices are dependent upon the financial means of the principal and the approval of their financial agent.) Decide what medical care the principal receives, including hospital care, surgery, psychiatric treatment, home health care, etc.What can a medical power of attorney do?Īn agent with a valid power of attorney for health care may be able to: Here are a few examples of the kinds of decisions a principal can allow their agent to make with each type of POA. The powers of an appointed agent can be broad or narrow, depending on how the POA document is written. It’s common to appoint one person to act as an agent for both financial and health care decisions, but in some cases it may be wise to separate the two. A financial POA gives an agent the ability to make financial decisions on behalf of the principal. The person who is appointed to act on behalf of the principal is called the agent.įrom there, it’s important to distinguish between the two main types of POA: medical and financial.Ī medical POA (also known as a health care POA) gives an agent the ability to make decisions about care the principal receives if they are incapacitated. POA documents allow a person (referred to as the principal) to decide in advance whom they trust and want to act on their behalf should they become incapable of making decisions for themselves.
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