News, Senior citizens can be lose life savings via power of attorney. (healthcare, fee)
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Vulnerable senior citizens are increasingly losing their life savings to unscrupulous individuals who have power of attorney over their finances, the AARP says in a report set to be released Thursday.
By giving a spouse, adult child or other individual power of attorney, seniors can ensure that someone will manage their affairs if they become incapacitated.
Too many senior citizens chose their power of attorney based on emotions, rather than who is actually the most trustworthy and responsible.
Many also do not realize, you can have one person be your financial power of attorney, and someone else be your healthcare power of attorney. In many cases, the best choice for one is not the best choice for the other.
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