|LEGAL AND FINANCIAL ISSUES
Legal Documents Reviewed
Dad had used a book to create a "do-it-yourself" will and living trust. Mom and I were a bit nervous about that. So we went to see an estate lawyer who had handled my aunt and uncle's estate. Upon review of the documents, she found a major flaw. Mom gave a big sigh of relief when it was fixed. We added updated heath directives and a power of attorney clause.
Power of Attorney
Dad's dementia necessitated that Mom handle their financial affairs. It was something she wasn't used to doing but I was able to assist her when needed. If she died before Dad or became unable to handle their finances, we'd be in a fix. Even though we expected Dad to pass away first, we worded the trust to say that if either of them died, I would be given power of attorney. That way, it didn't sound like we were ganging up on Dad. Surprisingly, Mom died first, so the resulting activation of the power of attorney enabled me to handle Dad's financial affairs without additional changes or having to go to court to declare him incompetent.
At the advice of the attorney, we put their car in my name and Betty's. We were doing all the driving. If we had an accident and were slapped with a lawsuit, we didn't want Dad and Mom's estate to be involved. Besides, they had already voiced that they planned to give us their car after they were gone. MORE>