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Financial and Legal Information for Caregivers
What You Need to Know
By Melissa Granberry
As a caregiver, you know that it can be difficult for loved ones to make financial, legal and health care decisions once their health begins to deteriorate. For example, a family member suffering from dementia may no longer be able to pay bills or give instructions on medical care. When this happens, having legal documents already in hand can be a great comfort in knowing that you're fulfilling your loved one's wishes on both financial and medical matters.
Having your loved one prepare a will is often the first step in planning for the future. A will directs how property and possessions will be distributed after death.
When the will is prepared they should also choose a personal representative, or "executor," to carry out tasks such as contacting the beneficiaries and settling any outstanding debts. Without a will, the state courts will determine who receives the assets, which can be a long and expensive process – and may or may not match up with what your loved one would have liked.
If your loved one has a will, this may be an excellent guide to determining their wishes; however, it only comes into play after their death. Decisions about their care when they're alive require other documents, such as powers of attorney to handle financial and health care issues.
Powers of attorney are legal documents that allow your loved one to choose a trusted individual to act on their behalf; however, there are several different types to consider.
With a general power of attorney, your loved one can choose someone to handle financial affairs, such as writing checks or selling stocks. It is only effective, though, while they are still mentally competent.
Jan Warner, an elder law and matrimonial attorney in South Carolina, suggests establishing a durable power of attorney, which carries the same responsibilities, but remains valid if your family member is no longer able to make decisions.
