Things to consider while managing your finances:

Things to consider while managing your finances:

As our parents get older, worries increase, not just about their health. In our interest in your well-being, one issue that is important to start investigating is how to handle the finances of an older adult. In general, the issue is usually a sensitive issue, especially if there are several children and there is no clear agreement on who will take responsibility for the care of the father or mother. Ideally, this decision should be the result of a family consensus, taken when the older adult can still make decisions.

Start the conversation on time:

The conversation must occur naturally and not forced, and in it should be put in context to the older adult on the need to appoint a person to manage their finances or decide on their health and life when he, or she, I cannot do it anymore. Make it clear that it is not about taking control of your affairs. If you can still understand the types of legal custody you can avail yourself, explain it patiently and let them decide. If it is too late to involve the older adult in this decision, you must initiate a legal process to assume custody, which would cancel several of your legal rights.

Analyze the alternatives:

There are several ways to get 2020 Medicare advantage plans comparison liek visiting take on the management of a senior’s finances in order to protect their assets and manage them optimally to meet their needs while they live. Here are some ways to legalize the decision you make about it:

Power of attorney:

It is a legal document certified before a notary public in which the older adult transfers the power to make decisions on his behalf to one or several people. It can be limited only to financial, property or health issues, or be broad and encompass two or more of these aspects.

Living will:

It is the document by which the older adult declares his will in serious medical situations and designates the person who will have the authority to make decisions in accordance with their wishes. It is formulated separately from a power of attorney for medical care, although it may include similar statements.

Testamentary trust:

Under this legal concept, the older adult confers on his fiduciary the legal authority to administer the assets included in the trust once he loses his mental faculties. This document loses its validity if the grantor ends the trust or transfers the power to another person.