Financial Power Of Attorney For Elderly Parent

Posted by Janssen Estate Probate and Elder LawOct 24, 20220 Comments

financial power of attorney for elderly parent

Janssen Estate Probate & Elder Law are here to assist if you require 'financial power of attorney for elderly parent'. Our professionals boast 35 years of combined experience and have long been trusted advocates for clients throughout the Kansas City Metropolitan Area. At our law firm, we believe in informing our clients so they can make wiser decisions.

Navigating the complex waters of securing financial power of attorney for an elder parent can be challenging. In this article we'll dive deep into this process, detailing its nuances such as why power of attorney is important and its requirements. We also tackle the benefits associated with hiring lawyers, factors to keep in mind when selecting one as well as why Janssen Estate Probate & Elder Law stands out as being trustworthy.


How To Get Financial Power Of Attorney For An Elderly Parent?

Let's navigate the complexity of financial power-of-attorney arrangements for elderly parents:

  • Understanding the Basics: A financial power of attorney (POA) is a document that grants someone else authority to manage finances on behalf of another, such as an elderly parent. Designating someone as their financial agent becomes even more crucial as time goes on.
  • Starting the Conversation: Discussing Financial Power of Attorney may be daunting, but communication is the key. Treat it more as a conversation of caring than a legal obligation. Talk about plans and share stories with your parent, assure them that the goal is their well-being.
  • Choose Your Agent Wisely: Finding an appropriate agent is no simple task, whether that means choosing someone from within your own family, a friend, or legal representation - trust is of utmost importance when making this important choice.
  • Legal Advice: Once you've made a decision, it is time to enter the legal world. Reach out to an elder law attorney for guidance as they ensure all paperwork complies with state regulations.
  • Strength in Documents: Be thorough when compiling all necessary documents - from identification documents to financial records - before beginning this process. Not only will a comprehensive file aid in expediting this step, but it could also prove invaluable when working with your financial agent.
  • Notifying Financial Institutions: Once you have your legal document, the next step should be notifying any relevant institutions. Each may require you to go through different processes, so make sure that copies of your POA are ready before beginning this process. Please be patient while moving through it!
  • Protecting Against Abuse: Financial abuse should always be of primary concern. Employ measures, such as regular reviews and open communication channels with agents appointed on your parent's behalf, to ensure they are acting in his/her best interest.
  • Stay Informed: As laws regarding eldercare change, stay abreast of any modifications that might impact the financial POA. Be sure to meet with legal professionals regularly so your approach remains up-to-date.


What Does A Financial Power Of Attorney Do?

Before diving deeper into the financial power of attorneys, it's essential to understand its purpose. A financial power of attorneys allows an individual (known as an "agent", "attorney in fact", or "principal") the authority to make financial decisions for someone else - something especially crucial as loved ones become increasingly infirm and struggle to manage their funds independently.


What Are The Steps To Get A  Financial Power Of Attorney For An Elderly Parent?

  1. Establish Open Conversation: Have an honest and open conversation with your parents to understand their financial preferences and wishes.
  2. Investigate Local Regulations: Get acquainted with the local legal requirements and regulations that pertain to financial powers of attorney.
  3. Find the Right Attorney:  Identifying an experienced elder law and estate probate attorney is essential in helping you navigate through legal complexities efficiently and successfully.
  4. Draft the Document: Work closely with an attorney of your choosing to create an in-depth, legally compliant financial power-of-attorney document.
  5. Notarize and Execute: To ensure compliance with legal standards, ensure your document has been notarized and executed accordingly.
  6. Notify Relevant Parties: It is important to inform financial institutions, healthcare providers, and any other parties of your power of attorney grant.


Why Is Hiring An Attorney Beneficial?

Expertise from an attorney can enhance the overall effectiveness of any process. Here's why:

  • Legal Expertise: Attorneys who specialize in elder law possess the legal knowledge needed to draft and execute a financial power of attorney's documents.
  • Customization: With assistance from an experienced attorney, customized documents can be tailored specifically to the needs and circumstances of elderly parents.
  • Avoiding Pitfalls: Legal professionals can assist in helping to mitigate potential pitfalls while assuring compliance with local laws.


When Is The Right Time To Hire An Attorney?

Determine when and why it would be wise for you to hire an attorney. Here are some reasons for seeking legal assistance:

Early Planning Stages: As early as possible in your financial planning for an elderly parent, consult an attorney to identify potential issues and address them as soon as possible. This allows for timely intervention if any arise.

Signs of Declining Health: It is crucial that if you notice signs that your parent's health is declining quickly.


What Criteria Should Be Considered When Selecting An Attorney?

Finding a competent attorney cannot be overemphasized. When searching for legal assistance, consider these criteria carefully when making your selection.

  • Specialized Attorney: When hiring an elder law or estate probate attorney, make sure they specialize in these areas to make sure you receive expert service in this field.
  • Experience: Give priority to attorneys with proven success at handling similar cases successfully.
  • Client's Reviews: Read clients' reviews to examine their level of satisfaction.\


Why Choose Janssen Estate Probate & Elder Law

  • Specialization: As experts in elder law and estate probate law, we understand the complexities involved.
  • Experience: Our team has over 35 years of experience representing clients throughout the Kansas City Metropolitan Area.
  • Client Testimonials: Read what our clients have to say about how dedicated we are to providing clients with superior satisfaction and excellence.


Suggestions for Action

  • Open Conversation: Speak to your parent about their financial preferences.
  • Research Local Laws: Gain an understanding of the legal framework in your region regarding financial powers of attorney.
  • Choose an Elder Law Attorney: For maximum efficiency, look for an elder law and estate probate specialist when hiring an attorney.
  • Draft the Document: Working alongside your attorney, create a document that is both personalized and legal.
  • Notarize and Execute: Be certain the document has been notarized and executed according to state requirements.
  • Inform Relevant Parties: Inform relevant financial and healthcare providers of the power of attorney granted.

To navigate the process of securing financial power of attorney for an elderly parent, it's essential that you be attentive, possess legal expertise, and demonstrate compassion. Following these steps and hiring an experienced attorney will ensure their affairs are managed with precision and care. Contact us today at 913-322-6300 or send us an email on our Contact Page.