If you are responsible for an individual with Medicare, it’s advisable to obtain an enduring power of attorney as it remains valid even after the individual may lose the cognitive ability to handle their matters. This enduring power of attorney persists even when your charge has impaired their capacity to oversee personal tasks. Moreover, you should ensure the power of attorney is all-encompassing so that you retain access to essential fiscal records.
The entity granting the power of attorney is called the grantor, and the recipient of this power is termed the agent, who is often a relative or a trusted confidant.
Various forms of power of attorney exist, with prominent differences pertaining to when the legal dominion is activated and terminated. A standard power of attorney transfers authority to an agent immediately after the grantor executes the legal document, and it ceases once the grantor loses the capacity to make decisions. Conversely, a contingent power of attorney activates under certain conditions or after the occurrence of a designated event.
