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re: is a power of attorney for aging parents a good idea?
Posted on 4/7/24 at 3:51 pm to ChEgrad
Posted on 4/7/24 at 3:51 pm to ChEgrad
quote:
Yes. Yes. Yes.
When you need it you don’t want to wait. And need can happen quickly.
Get medical power of attorney also.
This is the way, you need both. You don't need it until you do.
My 93year old father passed this past fall, having POA and MPOA made the process much easier when dealing with various entities.
1
Posted on 4/7/24 at 3:55 pm to Chromdome35
Yes. Medical is very important, especially when you get to end of life decision-making (make sure they have a living will/advance directive in conformity with your state's formal requirements).
Posted on 4/7/24 at 4:01 pm to keakar
Since this was posted on the PT forum, should we be talking about if Ole Joe has a POA to let Jill take over instead of Kamala if he goes into a coma like what happened in the last year and a half of the Woodrow Wilson administration.
Posted on 4/7/24 at 4:40 pm to keakar
quote:
is getting a power of attorney for aging parents in their late 80s a good idea?
absolutely = essential
Posted on 4/7/24 at 5:23 pm to keakar
They need a will. (IANAL)
Posted on 4/7/24 at 5:38 pm to keakar
quote:
is getting a power of attorney for aging parents in their late 80s a good idea?
Should have already been done. And you better get 10 copies and make sure the living wills are up to date while you are at it.
Posted on 4/7/24 at 5:44 pm to keakar
Yes. Also, don’t assume the POA drafted by an attorney will suffice. Some banks require the POA using their own form.
Posted on 4/7/24 at 5:47 pm to keakar
100000% it’s next to imperative. Otherwise you run your chances in court and then everyone will have an argument.
Same goes for a medical POA. You can’t make medical decisions for your folks if you don’t have it in most cases. It saved me so much headache
Same goes for a medical POA. You can’t make medical decisions for your folks if you don’t have it in most cases. It saved me so much headache
Posted on 4/7/24 at 7:44 pm to keakar
quote:
i cant think of why i should ever need it.
Seriously?
Posted on 4/7/24 at 7:45 pm to idlewatcher
quote:
100000% it’s next to imperative. Otherwise you run your chances in court and then everyone will have an argument.
Same goes for a medical POA. You can’t make medical decisions for your folks if you don’t have it in most cases. It saved me so much headache
IANAL also but am going through this.
Just as important. If there are a few [aka. 5 years or more in Alabama, check your state regs] years left, get the aging parents to choose the most trusted adult offspring and quit-claim deed the parents property to the them.
Otherwise, when one parent is put into care, there will be a 50% lien placed on property.
As an attorney informed us a couple of years ago - only two groups come out of this unscathed... the wealthy and the destitute.
Posted on 4/7/24 at 7:55 pm to keakar
Yes. And a living will for both medical and financial wishes. Should have done it long ago!!
Posted on 4/7/24 at 8:02 pm to keakar
quote:
, i cant think of why i should ever need it.
If they have a bank account full of money and they die, if you don't have POA...good luck emptying the account.
If they're sick or have health issues and can't speak for themselves, good luck talking to the doctors or getting info or making decisions without a medical POA.
POA
Advance Directive
You can pay medical bills, close bank accounts...have health care decisions made clearly and be in charge and talk to doctors on their behalf.
This post was edited on 4/7/24 at 8:04 pm
Posted on 4/7/24 at 8:02 pm to ChEgrad
quote:Also get them to get a will. Power of attorney dies with them. May even want to get a new bank account with your name on it. Just adding you as a signature doesn't always work.
Yes. Yes. Yes.
When you need it you don’t want to wait. And need can happen quickly.
Get medical power of attorney also.
Posted on 4/7/24 at 8:39 pm to Reubaltaich
If I would have had dad use the estate attorney I was referred to after he died it would’ve saved his estate tens of thousands of $. Having a solid will eliminates wasting money after they are gone.
Posted on 4/7/24 at 8:41 pm to roux
quote:
Also get them to get a will.
Good thing it's never been mentioned in this thread. FM.
Posted on 4/8/24 at 12:31 pm to TerryDawg03
quote:
If they're willing, get it before their competence comes into question - while they're still of sound mind. Much, much easier.
yes they are both still rational and of sound mind, although dad often has his moments when he isnt thinking clearly, mainly when he is tired and didnt get much sleep, but he is ok to think clearly in the mornings so we can just see a lawyer then
dad said he talked to a lawyer a few years ago to set up the inheritance and at that time he tried to make me and mom have POA but the lawyer told him only mom could be POA since she is who inherits everything.
according to him, he said the lawyer told him he had to make mom the POA, since she inherits everything, but this doesnt sound correct to me.
i handle all their finances right now, and they have no outstanding debts or financial obligations, so thats why i thought POA wasnt needed
what should i be looking for in a lawyer, if just getting any lawyer isnt the best idea?
how should i start my search for finding the right lawyer?
This post was edited on 4/8/24 at 12:37 pm
Posted on 4/8/24 at 12:34 pm to Undertow
quote:
One thing, though, some people don’t realize is when they die, power of attorney ends and you can’t use any of their assets to pay for funeral.
this makes no sense, isnt that exactly what a POA is for?
This post was edited on 4/8/24 at 5:27 pm
Posted on 4/8/24 at 1:33 pm to keakar
Yes.
I lost my daddy 3 weeks ago.
My sisters and I are currently battling (with his second wife/not our mother) issues that are nightmarish—things that could’ve been avoidable.
So in addition to struggling with our grief we’re being faced with having to make decisions we’re not in the right mindset to make.
I lost my daddy 3 weeks ago.
My sisters and I are currently battling (with his second wife/not our mother) issues that are nightmarish—things that could’ve been avoidable.
So in addition to struggling with our grief we’re being faced with having to make decisions we’re not in the right mindset to make.
Posted on 4/9/24 at 10:52 am to keakar
quote:
this makes no sense, isnt that exactly what a POA is for?
No, this is a common misconception. The POA terminates upon death, and the executor of the estate takes over.
Posted on 4/9/24 at 10:53 am to keakar
Ab-SO-Frickin-lootely. And get a living will as well.
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