I have appointed my oldest son as agent using a durable power of attorney form I got on the Internet. I want to be sure he understands his responsibilities, if he has to manage my money and pay my bills when I become ill.
If your parent was extremely authoritarian or independent, it will be difficult for him or her to accept someone telling them what to do – especially one of their children.
A power of attorney is a way for you to designate a person of your choice to make decisions for you.
Talks about money and long-term care wishes can be tough enough. However, when a loved one is suffering from memory loss, advocates say there is no time to waste.
The wife did not have a durable power of attorney authorizing her spouse to act as her agent in selling the property and now apparently lacked the capacity to sign one.
You make things easier for the children, by planning for the possibility of a nursing home stay because you take the burden off the children to make crisis decisions for your long-term care costs.
Leaving a legacy — sounds like something only wealthy people can do, right? It can be something like making a giant bequest to a university or passing on a significant estate to your children.
After decades of financial independence, many adults cannot imagine a future in which they can no longer perform daily financial tasks without help.
Of all the documents we discuss with, and prepare for our clients, the Last Will & Testament, or will, is the best known and understood.
Imagine that tomorrow you suddenly become severely ill or incapacitated. Who would take care of your finances? How would they do it? If you don’t have a durable power of attorney, others, including your spouse, may not be able to conduct all your financial affairs on your behalf.