I got a message recently from a woman with questions about getting a power of attorney to handle her ailing father’s financial affairs.
Her father was in a nursing home. He was suffering from dementia and was no longer capable of handling his finances. Because of his cognitive impairment, it was too late for him to sign a durable power of attorney.
A person must be competent to sign a power of attorney. This requires he understand that he is authorizing another person to handle his financial affairs without court supervision or approval. If he doesn’t have the requisite mental capacity, he will be unable to sign the document.
It’s heartbreaking to see a situation that could have been so easily avoided if he had signed a simple and inexpensive document when he still had the mental capacity to do so.
