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Basically, there are three documents you want in place for each parent. They are:
1. Durable Power of Attorney--A document that appoints another person to make financial decisions for you if you are unable to do so due to reduced mental capacity or inability to communicate your wishes.
2. Medical Power of Attorney--A document that designates another person to make decisions for you regarding your medical treatment in the event that you are unable to communicate your wishes.
3. Directive to Physicians—This document allows you to choose to either be given life sustaining treatment or be allowed to die naturally, in the event you are suffering from an illness or serious injury that you will not likely survive.
These documents give you the authority and the direction to act on their behalf. A waiver of liability is really not appropriate because the foregoing documents give you the authority to act for them and any waiver is not going to be held to be enforceable if you act in a negligent manner or with intentional bad faith.