As parents grow older and perhaps lose a spouse, children, other family members or even friends are often called on to help with financial and other decisions. In more drastic instances a legal guardian may have to be appointed by a Court, often causing unneeded expense and family stress.
Just adding another person on an elderly person’s accounts or property titles puts the elderly person’s estate at risk of loss, even by an honest and well-intentioned helper, and risks lawsuits about her intentions after her death. A better alternative is to have a Power of Attorney for Property and other estate planning documents prepared for your parent or other person in need. This can be done in a calm environment and before problems or any emergency situations arise. Clear directions can be provided, including when and how the holder of the Power of Attorney can act and, so long as your parent remains competent, she can change her mind or substitute another person as her agent at any time. Preparation is not a substantial cost, but knowing you have protected and planned for a parent is a substantial relief.
The lawyers of Brooks, Tarulis & Tibble, LLC can assist you or your family in preparing a Power of Attorney for Property and other life and estate planning documents. Please call with any questions.