Understanding a financial power of attorney

A financial power of attorney has many benefits. This happens when one becomes unable to manage his or her own financial affairs, such as a horrific accident taking place but one in which that individual will recover. It also occurs when one does not remain well, and that person's health continues to deteriorate. In an age when elder exploitation is at epidemic proportions, older adults must have a better understanding of how a financial power of attorney can be a tool to help when in a vulnerable condition and when it can be a tool to do serious financial harm. For the unscrupulous perpetrator, it has been used as a license to steal. How many older adults know that? I'm willing to bet very few. • The person for whom the financial power of attorney is to help is called the principal. • The person who is appointed to be the financial power of attorney is called the agent. A financial power of attorney is a legal document that empowers the agent to transact business using the vulnerable person's money and assets. It is unsupervised power. That's where it can get scary. By law, the agent is to transact business for the benefit of the vulnerable person, or principal, who is no longer capable of managing his/her own affairs. However, if no one is supervising what is being done with the money, property and other assets, who is going to stop the stealing? An important consideration when appointing a financial power of attorney, to act according to law, is the honor and the integrity of the individual who will be given this legal authority to spend and/or manage the vulnerable person's money, property and other assets. Will he/she manage those finances in the best interests of the vulnerable person? Or will the money/assets be managed for the benefit of the agent? It is possible to revoke a financial power of attorney? How does one go about doing that? I hope I have whet your appetite to want to learn more. You are invited to register for the public forum "Understanding the Powers of a Financial Power of Attorney and How to Revoke that Power." It will be at 1:30 p.m. on Wednesday, June 29, at the Erie County Office Building, on the third Floor, 247 Columbus Ave., Sandusky. To ensure this event happens, 30 RSVPs or more are required to justify the time of the panel of attorneys: John Ball of Reminger Law Office; Michael Brumbaugh of the Brumbaugh Law Office; and John Frankel of Wickens Herzer Panza. They will answer questions related to this topic. Call 419-624-1856 to RSVP. Q&A Q: I'm 65 and helping my mom who lives at home independently. I have a smartphone but no computer. Can someone teach me how to use the Firelands Patient Portal, as I try to keep current with my mom medical records and appointments? A: Yes. Serving Our Seniors and Firelands Health are hosting a very small class to help people like you. Following the class, Serving Our Seniors representative Bree Gilliam is available to provide one-on-one tutoring to help you remember what you learned until you feel proficient. There are openings for a one-day class from 9-11 a.m. on June 21 and from 1-3 p.m. on July 12, 2022. Both are at Serving Our Seniors, 310 E. Boalt St., Sandusky. Call Serving Our Seniors at 419-624-1856 to sign up for "Learning the Patient Portal." Q: Does Serving Our Seniors pay for dental care for Erie County residents who are 60 and older? A: The short answer is, 'yes.' It's up to $1,000 of dental care for those who qualify. For more information call our office and ask to speak with a senior advocate assistant.