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Need to Care for Parents? Powers of Attorney Make it Easier
05/15/24
Caring for elderly parents can be made a lot easier if you have the legal right to make certain decision on their behalf. Powers of attorney give you the legal right; here are a few of the more common types:
- Limited power of attorney: Limits your authority to specific situations or circumstances. For example, you may have the authority to sell certain possessions but not a home or other major assets.
- Property power of attorney: A property power of attorney gives you broad authority and allows you to make most decisions on behalf of your parent.
- Health care power of attorney: Allows you to make medical decisions on behalf of your parent. A healthcare power of attorney is much more comprehensive than a living will, since it allows you to step in and make decisions about long-term care as well as what types of treatment are the right options for your parents.
Keep in mind your parent must willingly and knowingly grant you the power of attorney. Start having that conversation now if you feel your assistance may be needed in the future.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.