Hello, my name is Walt Jarvis and last year when I listed my house on the market to sell, I was very optimistic about the entire process. I was even more excited when I received an offer on the property. Before the sale could go through, a problem arose so I decided to hire a real estate attorney. The attorney I hired took care of the issue for me, which saved me a lot of time and headaches. I learned valuable information from the attorney and I wanted to share it by writing a blog. If I ever decide to sell any more property, I will hire an attorney first in case any problems occur. If you're selling a home or a business, you should read my blog to learn how a real estate attorney can help with various aspects of the sale.
If your parent was just diagnosed with dementia, they are likely still able to care for themselves, do their finances, etc. Over time, however, they will not be able to do this and you or a caregiver will have to provide them with much of their care. Because of this, there are things you should take care pf now while your parent is still in their right mind. Below are four of these things so you can rest easy knowing things are in order.
Create a Living Trust
If your parent has expensive assets, such as a large amount of land, investment accounts, a large expensive home, and more, you should have them fill out a living trust. This document allows you to manage these assets for your parent. The living trust will also include you taking care of any 401(Ks) and IRAs your parent may have.
Fill Out Durable Power of Attorney
This is very important as it gives you control over your parent's finances, such as paying their bills through their checking accounts, handling their tax returns, and even selling their home in the future. There is a general power of attorney but make sure you do not fill this out. This is because it does not give you as much authority as the durable power has.
Fill Out Health Care Proxy
This works much like the durable power of attorney but instead of financial control lit gives you control over the medical decisions. This way you can make choices when it comes to the doctors your parent sees, the type of treatments they have, and many other medical matters.
Edit or Create a Will
If your parent has a will, let them look over it to ensure they do not need to make any changes. If they do not have a will they should fill one out. This will ensure their assets go to the right people. This can also prevent problems within the family. For example, your family may argue over who gets the home or a car. If it is stated in the will, there is nothing they can do about it.
Because this paperwork is very important, you should hire an attorney to help you. For example, there are attorneys that specialize in living trust, wills, and more. To learn more about this process, you can contact local law firms such as Thomason & Hessmer.Share