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Seniors should pick their power of attorneys sooner rather than later

07/21/11

Making decisions early on can help protect people and their financial assets later in life.

Patricia Nelson-Reade, an attorney who specializes in senior citizen legal issues, spoke to NBC-affiliate WLBZ on the topic. She said that most people are diligent about drawing up a will, but many overlook other important issues, such as deciding who will be their health care and financial power of attorney.

"It doesn't mean who you love. You love all your kids," Nelson-Reade said. "But who would you trust to pay your bills in the event you're not able to?" She says that choosing a power of attorney who shares your values is vital.

Financial planner Ray Emery told the source that aging and retired persons need to make sure that their family members are aware of where financial documents are located. Once a power of attorney has been appointed, it's important for him or her to communicate with other members of the family.

One of the best ways for a senior to help their family cope with their death is to invest in life insurance. Even if no one is depending on the income, a life insurance policy can help cover the costs of things like funeral arrangements and any debt that is left behind.

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