Eldercare professional Nancy Oriola possesses more than two decades of experience working with families as a certified care manager. She has launched several businesses that cater to senior-specific financial and medical needs. In 2001, Nancy Oriola founded Decades LLC, a fiduciary firm that helps New Mexico families navigate the complex legal and financial decisions that accompany caring for an aging relative, including appointing a power of attorney (POA).
When planning the future for aging loved ones, especially those diagnosed with dementia or other neurodegenerative conditions, appointing a durable POA is crucial. The process should be undertaken as soon as possible to ensure that the individual can be directly involved in the decision making.
A POA can be a professional, a close relative, or a trusted confidant selected by the represented individual when he or she is still sound of mind. Some experts suggest appointing separate POAs for health care and financial matters in order to avoid conflicts of interests.
A POA must be defined as "durable" when the legal relationship is validated in a court of law. This ensures that the POA retains representative authority in the event the elderly individual is physically or cognitively unable to make his or her own decisions.
