Re: Hope this will help others. Power of Attorney

Sooner · ‎03-10-2010

Another reminder, if your relatives will need medicade there is a I think 5 year lookback for financial records and lots of rules about who is eligible and why. Veterans benefits are also needs related in many cases. So it's never too early to think about it.

If your relative won't do anything or help someone make arrangements for what might happen, sometimes you simply can't do what needs to be done. And you are not to blame. You can't make an elderly person do some things--and you sometimes can't make it right for them. Legally. Doesn't make it any easier on you I know, but I just want to remind y'all of that.

Skyegirl21 · ‎03-20-2010

This thread is so valuable to me! I did not realize the POA is no longer valid after death! So then how do all the final bills get paid?
I am handling everything for my Mom right now, and I'm on her the bank account as POA. She has total trust in me- .

So, is it a good idea to open a new account for her with the 2 of us on it ( no POA)- ??
And one other question, if anyone has this experience, please... I am a twin, and my parents made both of us Executors on the will. Well, my twin sister is in a different state from where I take care of my Mom, and she is a nightmare person to deal with- Should I have Mom rewrite the will with just myself as Executor? Thank you sincerely-

Imaoldhippie · ‎06-10-2015

@CelticCrafter ............I stated in my post it was my experience and what I learned from it. Everyone has to do whats best for them.

LIFE IS TO SHORT TOO FOLD FITTED SHEETS

Skyegirl21 · ‎03-20-2010

@qualitygal , it's not cheap to draft any legal document... Usually $1000 or more.

qualitygal · ‎10-04-2010

@Skyegirl21 Speak with an attorney, to be sure you are doing/planning what the rules of your state dictate. They have the best answers, and I've found, that you need to go to the source that will give you the right answers to begin with.

drizzellla · ‎03-14-2010

@Skyegirl21 I think it is an excellent idea that you and your Mom are being proactive about your Mom's financial settlement in the future.

But please talk to your Mom and Dad about the will. It just sounds like trouble ahead. And have a lawyer's help. With 2 Executors will you need both of you handling/signing all transfers of assets? AND from different states? Each state might have their own process.

My parents were both in a nursing home in the City of Philadelphia. I had to travel to City Hall (I didn't live in Philadelphia) for forms for individual assets to settle the estate. I forgot the name of the form. But I had to take off work alot. The lady at City Hall got to know me by name.

I don't know what type of assets your parents have but some companies are very particular about what documentation they will need from you. I can't imagine what it would be like dealing with 2 people not living in the same state trying to settle the estate.

And right now you may be dealing with 2 intelligent parents. My Dad had a major stroke (unexpected of course). He had handled all my parents finances and very well. After his stroke, Mom needed to step up. Well, she didn't. She was not pleased that he had the stroke and she should handle things. So she didn't. She kept no records and just did what she wanted to do.

You don't know how things might change between now and their passing. Please get a good estate lawyer and just talk to them and see what you might be dealing with. And do it while your parents are able to express their wishes.

Skyegirl21 · ‎03-20-2010

@Skyegirl21 wrote:
This thread is so valuable to me! I did not realize the POA is no longer valid after death! So then how do all the final bills get paid?
I am handling everything for my Mom right now, and I'm on her the bank account as POA. She has total trust in me- .
So, is it a good idea to open a new account for her with the 2 of us on it ( no POA)- ??
And one other question, if anyone has this experience, please... I am a twin, and my parents made both of us Executors on the will. Well, my twin sister is in a different state from where I take care of my Mom, and she is a nightmare person to deal with- Should I have Mom rewrite the will with just myself as Executor? Thank you sincerely-

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Thank you @qualitygal , @drizzellla ! I made an appointment to get all the documents updated. And I will talk to the bank too- Appreciate you !! It's worth to do upfront whatever I can to make it smoother later...