Downs Law Firm, P.C.
Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
Advice for adult children, so their parents in nursing homes and assisted living are safe from scammers.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
Some people think that, because their assets are jointly owned with a spouse or are in a trust, they do not need a Power of Attorney, or that if they become incapacitated, their spouse automatically has the authority to make medical decisions on their behalf.
We see recurring confusion about how and when to use the authority over money in a Durable Power of Attorney (DPOA) for aging parents.
One study found that your blood type could raise your risk of developing dementia.
The possibility that a power of attorney might be rejected may be one reason not to simply pull a form off the internet and hope it will be accepted.
The heirs to Henry Ford II – the eldest grandson of legendary Henry Ford – filed a legal challenge against their late patriarch’s attorney, Frank Chopin, who is now the champion of Ford’s widow, Kathleen DuRoss Ford, 80.
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