Every person reaches an age where they need someone to handle their finances—older adults are some of the most vulnerable demographics that are susceptible to abuse. If you are parents are aging or receiving medical assistance, it’s essential to ensure they can handle their bills and finances. Although they may have all the necessary documents like Advanced Healthcare Directives or Estate trust in place, they require an elder abuse attorney near me for various other legal assistance. Moreover, it’s often noted that such documents need constant updates to ensure their current situations get addressed. Even if your elderly parents have created designation documents well in advance, you should insist on regularly reviewing them and making necessary changes to them.
This blog discusses some of these essential documents that you should review with your elderly parents.
Virginia estate will is an essential legal tool that allows one to designate their valued assets to their heirs upon their death. Having a will ensures that an estate and other assets go to the people you want without the law’s interference. According to the circuit judge, if you don’t have a valid will, your estate will go through the probate process and get divided amongst your surviving members. The probate process can be tedious and time-consuming. In the probate process, the distribution and management of estate don’t take place according to your wishes and needs. If your elderly parents haven’t had a chance to create a will, it’s best to consult a lawyer to understand elder law and form an effective will that considers all the wishes of your parents. However, if they have a will, ensure you review them from time to time.
Durable Power of Attorney
The durable power of attorney allows an older adult to legally designate a person to carry out financial decisions on their behalf. Upon your elderly parent’s demise, the agent appointed by your parent can look after the financial matters. Without a durable power of attorney, it can be difficult for any surviving family member to take care of legal or financial issues. In the absence of such documents, you will have to ask the judge to name you the guardian of your elderly parent. Like probate, this process is also time-consuming and exhausting.
With a living will, an older adult can dictate their medical decisions in case they are no longer in the state to take care of them. The agent named in the living will takes medical decisions on behalf of the older person according to the medical care preferences included in the will. It’s essential to review such documents with your elderly parents as they might have changed their feeling on end-of-life medical care.
Authorized User on Bank and Investment Accounts
Besides the living will and durable power of attorney, your elderly parent’s bank accounts require them to fill documents that allow another person to manage their funds. Doing so makes it easier for such a person to take care of the older person’s medical bills, funeral expenses, and other financial matters.