After dad passed at 94 we asked mom who was 92 to go to her lawyer and draft a POA for sister and i, 2 only children, allowing us to act separately on her behalf. Mom was totally with it and for next 2 years managed her own house, Financials etc without help.
Then she fell outside in winter on.porch,laid there for how long til neighbor saw here. Had her fractured hip pined. Then after rehab we got her into AL near dau gh ter. Since then her memory has become poor, executive function poor.
Wants to "hire a girl" and go back to house alone, 150 miles from family. Not gonna happen. When we went to use the POA to sell her house the buyers title company wanted proof
That she was competent when she signed it in 2012! Fortunately the drafting lawyer and h er doc were still around to provide affidavits. So...maybe you should get one when u do the POA. In some countries anyone over 85 needs a Drs note to be able to give POA. And btw banks have turned their nose up at the poa...too much trouble for them to vet it and cover their liability it seems! AND get this:drafting lawyer put an "X" wh er e it says we can act separately.
At last minute some perry mason said it should have been initialed not xd and made sister and I both attend settlement.
As for real estate, the Elder Law Attorney had placed into the financial Power of Attorney document the address of the house that my Dad owned. The POA was accepted without question by the settlement attorney upon the closing of the house to the new owner.
Never had any issues with banks, either. Could be because I had my Dad with me when he wanted my name onto the bank accounts so I could sign checks when paying Dad's bills [Dad didn't want to fool with bill paying any more].
I am not a lawyer so take this for what it is worth.
If your life insurance policy pays to your estate, then creditors can collect from it but it a person is named, then it goes to them personally. Creditors cannot go after the executor personally so, I think that the life insurance money is safe from creditors.
I've never heard of a competent attorney using an "x" instead of redrafting legal documents.