A surprising 6 out of 10 U.S. adults between the ages of 53 and 71 have not drawn up any estate-planning documents. For those 72 or older, it’s better but there is still 18 percent who lack a will or other critical documents.
It does cost some money to have a lawyer draw up a will or POA. That is true, and it’s one of the reasons so many haven’t taken that step. Still, without this legal paperwork in place, your parents risk leaving it up to the courts to decide what happens if they cannot speak for themselves.
Why is a Will Necessary?
Without a will, family members could argue that they’re owed something. A signed will becomes legal proof of how your dad wanted things to be distributed.
Say your dad passes away unexpectedly before he has a will. You may have the key, but another relative could argue and say that he’d told them the house was theirs. His house could sit vacant for years while court battles waged on. A will would clearly state who gets his house or what is to happen to it after he dies.
What Are Powers of Attorney (POAs)?
No one will be able to access your parents’ bank accounts and bill paying websites without their permission. That’s where a financial POA comes in.
You may have passwords and usernames, but a bank will ask you to prove you are a designated financial representative before you could close an account, open a new one, deposit a check, or write checks for your parents. Signing checks on their behalf without permission could become a problem.
Say your dad has a stroke and is unable to speak. If he’s unresponsive, the doctors need to make urgent medical decisions. A medical power of attorney allows the designated person to speak for your dad and make medical decisions.
If you hold the medical POA, you’ll have discussed your dad’s wishes about things like DNR orders, feeding tubes, and ventilators. You’ll know if he has allergies to medications, is morally or religiously opposed to certain treatments, or if he has metal plates somewhere that may make an MRI difficult.
Don’t Overlook the Importance of a Senior Care Plan
There’s another thing to consider when you’re talking about aging and estate planning. What would your mom and dad want if they needed care at home? Would they want to move to your house or stay in their house with caregivers from a senior care agency? A care plan is also important to consider.
Do you need help understanding the different senior care options? If you’re not sure where to start, call an agency. A senior care specialist can walk you through prices, frequency, and services to help your family draw up the right care plan for your parents’ needs.
If you or an aging loved-one are considering hiring Home Care in Los Gatos, CA, contact the friendly staff at Home Care Professionals today.
Call (866)-940-4855
Sources:
https://www.aarp.org/
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