One of the most worrisome aspects when looking after a loved one is the money factor. Even though you are the primary care provider and it isn't your initial thought since you are more concerned of their health and well-being, money is still a very important factor to consider. Finances eventually prove to be the most pressing issue as, inevitably, your elder will most likely be unable to figure out their own financial affairs on their own. Thus, in addition to being responsible for their health, you will most certainly become responsible for their expenses.
Since you are now responsible for your elder’s financial affairs, you will then need to apply for the power of attorney position. This is due to the fact that, with this time and age , there are many fraud and security issues flying around and the elderly are the most vulnerable to them . Additionally, there are prohibiting privacy laws which express that no one can interfere with another's financial affairs unless they have legal permission to do so by the individual granted. Thus, if you would like to gain access to one’s finances you need the power of attorney. With this, you become legally bound and are granted unlimited access to their affairs even though the individual still remains the legal owner of any of their assets. The benefit is that it gives you the access to run their finances for them.
There are two different types of power of attorney, ordinary and enduring. Ordinary power is more limiting to your access due to the fact that it sets an agreement on the things you can actually control. If, for example, your elder would only prefer that you sort bills on their end, then they would use ordinary power. Another example for it to be used is when an individual is no longer able to manage their finances for a temporary period such as going away on vacation or being hospitalized. This power is only set for a certain time period meaning that it will eventually expire and not be the option to choose for the long run if the elder will be unable to take care of their finances at all. Additionally, if the donor, the individual which the power of attorney relates to, becomes mentally unwell to handle their financial affairs, their power of attorney will be revoked.
On the other hand, the enduring power of attorney allows for financial access on every aspect of the elder’s assets. This power allows you to run their finances, their poverty and almost anything as you would like. Thus, this requires a lot of trust on the elder’s end and you must be responsible. This can be done at any time, even if the individual giving their assets is capable of running it themselves and continues if their mental health is weakened.
It is important to go to a lawyer to give you the ability to become the power of attorney and thus they would advise you the appropriate approaches to take. There are times where family lawyers even recommend specific counsellors or services that can aid you additionally. Once you get into the routine of their financial affairs, it will become easier to deal with. Another tip is to set this up before the elder’s mental functionality diminishes, that way you can plan things ahead of time and become familiar with things before they get overwhelming. Once the paperwork is in order, everything else follows smoothly.
It is a major responsibility to be handling someone else’s finances. With that, it can take a huge toll on your own stress levels being in charge of both their well being and their financial affairs. All Heart Homecare wants to give you an easier experience by providing a home health aide in assistance to your elderly’s needs. That way, the financial affairs would be handled and your loved one’s health is in the hands of those who know how to give proper care.
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For more information on our services or how we can alleviate stress for both you and your loved one’s lives, give us a call at 888-388-8989 or email us at [email protected] .
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