Are you named executor in this relative’s Will?
For starters, obtain copies of the POAs.
Check whether the POA for financial matters is springing or durable.
- If springing, it can be difficult to get them in place quickly when needed due to the conditions (such as doctors needing to concur) to trigger the POA going into effect. Personally I would not be an agent for a springing POA.
- if durable, it makes sense to get the attorney-drafted DPOA on file with financial institutions (FI) now or complete the FI’s in-house version.
It makes sense to have a discussion now about the financial accounts, etc. this relative has so you understand what it is you may be asked to manage. Update listing via discussion with your relative annually.
SSA, Medicare, IRS - each have their own process but for a healthy relative there is nothing to do now.
Another area to discuss in both the financial and healthcare areas is whether your relative has a LTC policy or is eligible for VA Aid & Attendance, and whether they have any wishes regarding care if incapacitated.
Aside from the above, unless your relative plans to have you manage now their daily bill pay, investing and/or taxes, there is nothing else to do right now. But from personal experience, I found I first assumed responsibility for investing, then taxes and finally bill pay. Bill pay was a lot because it meant handling insurance renewals, HOA matters, etc.
For starters, obtain copies of the POAs.
Check whether the POA for financial matters is springing or durable.
- If springing, it can be difficult to get them in place quickly when needed due to the conditions (such as doctors needing to concur) to trigger the POA going into effect. Personally I would not be an agent for a springing POA.
- if durable, it makes sense to get the attorney-drafted DPOA on file with financial institutions (FI) now or complete the FI’s in-house version.
It makes sense to have a discussion now about the financial accounts, etc. this relative has so you understand what it is you may be asked to manage. Update listing via discussion with your relative annually.
SSA, Medicare, IRS - each have their own process but for a healthy relative there is nothing to do now.
Another area to discuss in both the financial and healthcare areas is whether your relative has a LTC policy or is eligible for VA Aid & Attendance, and whether they have any wishes regarding care if incapacitated.
Aside from the above, unless your relative plans to have you manage now their daily bill pay, investing and/or taxes, there is nothing else to do right now. But from personal experience, I found I first assumed responsibility for investing, then taxes and finally bill pay. Bill pay was a lot because it meant handling insurance renewals, HOA matters, etc.
Statistics: Posted by HomeStretch — Thu Aug 29, 2024 3:15 pm — Replies 11 — Views 361