Georgia residents are likely aware of the benefits of saving for retirement. However, it is also important that they take steps to protect the money that they have accrued. Roughly 20 percent of older adults will be the victim of a scam, and the average victim loses $120,000. This amount is equal to the average life savings of a 50-year-old. One way people can protect themselves is with the creation of power of attorney.
A power of attorney gives another person the ability to act on an individual’s behalf in certain situations. For instance, that person could have the power to oversee everyday activities such as paying bills or buying groceries. He or she could also be given the power to sell assets such as a home. However, it is critical that an individual find the right person to perform these duties.
It is crucial that whoever is chosen for power of attorney is someone that an individual trusts. In some cases, it may be best to have two agents as they serve a checks-and-balances function. Having two individuals serving as power of attorney may also prevent one person from being overburdened with too many decisions. Finally, it may be a good idea to give a financial power of attorney narrow authority over only specific aspects of one’s life.
A power of attorney can be an important tool in an elder care plan. It may allow an individual to retain relative independence over his or her life while increasing the odds that safeguards are in place when needed. Those who wish to create such a plan may want to consult with attorneys. Lawyers may be able to review existing documents or create new ones from scratch.
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