As we age, our perspective shifts many times. We start to appreciate that how we live our lives will continue to change as our physical and mental abilities change.
Taking an honest appraisal of whether and how we might need to rely more on our adult children is a mature and important consideration. Even if you are presently able to meet all of your own daily needs, there may come a time when that is not the case. Granting your adult children special power of attorney can give you the peace of mind you desire while allowing you to retain your autonomy.
Why is special POA a good option?
Special power of attorney is a legal document that can be a part of your bigger estate plan. It authorizes a specific individual to act on your behalf, but only in particular situations. Unlike the broader scope of general POAs, special POAs allow you to outline a more limited scope of decision-making power.
Examples of scenarios you might want to grant your adult child special POA include:
- Buying or selling a car or home for you
- Banking transactions including deposits, withdrawals, paychecks and personal checks
- Signing business, housing and utility agreements
- Admitting you to the hospital for urgent medical care
Besides the limited scope of authority, another valuable benefit of special POAs are they can be rescinded at any time. You can easily cancel their power by writing and signing a document that states your revocation.
There are several factors to consider as you plan your estate. Learning more about the various forms of power of attorney and your options will help you to make an informed decision.