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How to Prepare to Get the Affairs of An Adult Child in Order

May 27, 2021

If you have recently been appointed as a power of attorney for an adult child who is suffering from serious health issues, it is important to think about all of the different aspects of their care that might require you to step in.

A power of attorney enables you to make decisions or take actions on their behalf because they are unable to do so. Most frequently with an ailing adult child, this relates to concepts such as taking care of their financial affairs. Ownership of property raises other questions and getting someone’s affairs in order can help to minimize the confusion or frustration experienced by you or the power of attorney creator.

Most people will own household items, a checking account, vehicles and other assets. In addition to preparing a will and listing an agent on the power of attorney, it’s a good idea to reach out to the bank directly to ensure that someone is appointed as the payable on death beneficiary of the checking account.

The bank might also require their own internal power of attorney form to enable you as the agent to make decisions on his behalf and take actions for him. You can be named as a beneficiary of the vehicles so long as the estate plan and wills are created properly. This adult child may be able to transfer ownership with vehicles too as well.

A medical power of attorney and directive to physicians are other documents that might be needed to help ensure that there are plans in place to ask the important questions and take actions quickly should the need arise. Schedule a consultation today with a New Jersey estate planning attorney to learn more about your options.

 


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Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more