So, have some elderly in-law issues and the power of attorney discussion came up. I know POAs and what they do. I also know what they don’t do. Refreshing my knowledge, every single discussion or web page URGES me to get an lawyer to make sure it’s legit. Seriously? It’s a simple situation, why would I need or want to pay someone $300+ per POA to print out a canned form from a s/w package?
Thoughts?
Many years ago, I did my own POA and Advanced Directive forms downloaded online.
When I went to an attorney to do my will, he checked over them and said they were fine as-is, so we only did my will.
Also about POA – what I didn’t understand as my father’s POA – it ends immediately upon death. Even though I was POA on his bank account (and executor in his will), his bank account was shut down right away so I couldn’t pay bills from his account until I got probate court documents. I think banks get notified from Social Security (?)
concur on both of your comments. A few years ago, I thought everything was fine with a POA, then my mom died and I learned some hard lessons.
Yes, they have to trust you, but otherwise it all gets locked down.
Get the healthcare POA in place for you, spouse and others. Also, check life insurance beneficieries. I’m dealing with an 88 yo fil, and he’s still sharp, but there is a brick missing.
Everyone should setup a Payable on Death (POD) Beneficiary Designation Form with the bank so you have access after death.
Not always better. If you are an only child, and have your parents’ interest forefront, yes. But inlaws should name THEIR child.
If there is more than one child, control of the account becomes an issue…even when everyone means well, the parents, who actually own the account, do not have full control…they can make no changes other than transferring everything out of the account…without PERMISSION of the child/children they’ve already made a joint owner. And a joint owner can literally take ownership by transferring everything out of the account. The money involved does not become part of their estate.
My library has Gale Legal forms for my state, and I need 2 witnesses and a notary to finalize the legal form. There are no real complicated or mixed families in my life, so it is a no brainer.
do I need a POD form if all of my assets are Transfer on Death, including my house and my auto? I remind my bank to recheck the names on my account often, as when banks have changes they may leave that off, as they have done at least twice with me.
This thread is about Power Of Attorney, not Payable On Death.
Imagine a scenario where one is no longer competent to pay ones bills or make business decisions. And a separate Medical Power Of Attorney is needed for medical decisions…
If it was me I would have the POD form for specific bank account(s) done. I just went through a very painful process with the passing of my daughter. More importantly, make sure you have a Will in place as well. If you don’t go through a lawyer make sure you leave a Handwritten dated and signed. If it’s typed, dated and signed make sure it’s notarized. But the handwritten is better, just make sure it’s kept in a safety deposit box or somewhere it can be found easily.
Thank you I Have TOD on any non retirement accounts, auto, house. I did not get a POA form, but will do that to have brother make my decisions, as children may not agree. Gale legal forms at library are free, and specific for my state. If i move, each state has gale legal forms.
I agree. In the context of a POA, by definition said individual is trusted. The goal is if her were to pass, my wife could continue running the household. MIL has late stages dementia, so it’s necessary.
Should my inlaws be able to manage their affairs - sure if they are capable - it is their money after all. But we all have heard the horror stories, so you have a valid point.
We are going through the battle of no living will and durable poa. It’s ugly, but this issue has been brewing for over 10 years.
Court appointed guardianship is possible, and may be necessary. But it is more onerous than is a power of attorney, and regular financial reports to the court are required.
You are absolutely correct; however, we’ve learned a LOT about the medical system and hospitals and Medicare. Hospitals will roll your loved one to the parking lot, if they can get away with it. We’re already looking into the court process, but the real issue is that we need Northside to do their job.
Try a different hospital system. Look for one that proactively gives information about the rights under Medicare vs those that don’t. That is my experience.
And same two hospitals a number of years later, this past February… As I’m conversing with another patient on a gurney next to me… She’d been suffering severe breathing issues since mid December. Her regular doctor told her to go to the ER. She went to the one who released my father inappropriately. And they released her. Called her doctor who told her to go to the ER I had gone to. And they realized there was an issue and admitted her. Didn’t keep up with her as we were both admitted, but in temporary beds.
If you’re in the Phoenix area, avoid Banner, and choose Dignity.
I have heard of a case where a daughter in law approached 90 plus demented mother in law to put her name on the will, bypassing the children of the mother. I told family to hire a lawyer, as it may avoid problems later on.
I have also heard of a new russian wife having her elder husband change his will after he became demented leaving the mass of his estate to her, taking it away from his son.
The son knew nothing of this, until he passed.
POA worked for my friend with his mother, as there were no hostile in-laws or ex spouses with an agenda. It took only getting copies of death certificate for banks, and stock market money. Auto and Home were also covered.
If the family has some hostile members, a trust can also be done online.
You should be able to get a trust put together by a good estate attorney for $5K or less.
That investment could save a lot time, money and bad feelings on down the line.
that would especially be good if you expect trouble after your loved one passes. Mixed families are a good example. Divorces bring in a whole new set of problems.