One of the common questions that comes up when planning for a durable power of attorney for an Alzheimer’s or Parkinson’s patient is when to make the document effective. Generally speaking, it is best to make the power of attorney effective immediately, as there is no way to guess how these diseases will progress.
Many states allow what is known as “springing” powers of attorney. Simply put, this means that the power of attorney becomes effective when the person who signed can no longer make decisions on his or her own. This is a dangerous option to exercise, as many people with Alzheimer’s and Parkinson’s disease will have periods of lucidity between periods of being unable to make decisions, which can greatly compromise the abilities of the power of attorney.
It is common for the person with a new diagnosis to be very wary of signing a durable power of attorney that is immediately effective. They often worry about losing their right to make decisions, or worry that their finances will be mishandled. The good news is that the principle has the right to make their own decisions, including revoking the power of attorney, as long as they are of sound mind when th decision is made.
There are criminal penalties for taking advantage of someone under a durable power of attorney. Even neglect or mishandling of finances can result in the person named as the agent being forced to repay funds to the estate.
