| HappyTraveler |
06-04-2025 11:02 AM |
Quote:
Originally Posted by ElDiabloJoe
(Post 2436619)
|
I watched about half of it and will get back to it later when I begin working on those things. But, a VERY IMPORTANT point she mentioned that people don't consider enough is....just because you fully-created your plan and documents many years ago doesn't mean that some things may have changed in the interim that should cause you to take a good look at those plans again.
She "goes there" when she mentions that shifting family dynamics are a big reason why people make revisions to their will or other documents. My mother should have done that. She did the old-fashioned thing, 30 years prior, of giving my oldest brother ALL the legal authority (POA, healthcare POA, estate executor, etc.) That is a very bad move.
If that person is slack in their efforts or seems incompetent or gives reason to cause suspicion or doesn't provide important info to other family members (happens all the time, folks) -- guess what? The other family members are going to have to get a lawyer to deal with it and maybe go to court. ALL the power being given to one person is a very precarious thing to do.
Not to mention, it's too much work for one person! If the elderly parent is living in a facility (pay close attention to that!) and their finances and taxes need to be managed, their health watched over, etc. etc......too much for one person who also has their own life. Spread the responsibility and work around amongst two or three people - do that in writing and legally. Plenty of families fracture during those times because things weren't considered and set-up carefully enough. That can be mostly avoided with careful planning and appropriate legal designations.
I have plenty I could write about these matters related to the last 3 1/2 years of my mother's life. It is a cautionary tale, indeed. |
