An article published in the New York Times describes why a Power of Attorney isn’t as powerful as some people think. The information hit home for me since I’m the Power of Attorney for two of my family members: My 90-year-old uncle and my 86-year-old dad.
Over the years, there have been numerous hassles regarding the management of their financial, insurance, and health care concerns.
Fortunately for me, my lawyer clients convinced me years ago to take care of the personal affairs of both my uncle and my dad. The hassles persist; but nowhere near the level that I continually hear from other friends and clients of mine who deal with the same elder care issues.
“They can say it’s not written on blue paper, or it’s not written on our paper, or it’s more than five years old,” Michael Delgass, an attorney and managing director at Sontag Advisory, told the New York Times. “You have no stick. All you have is carrot, but you don’t really have the carrot either because the bank won’t let you move the assets. If you say ‘I’ll move my assets elsewhere,’ they’ll say ‘You and whose army? We don’t recognize you.’”
Don’t wait until the last minute to deal with this type of family issue. Have a conversation with the family member now about your concerns regarding the management of their affairs in the future.
Have the personal affairs of your older family members in order. When you need to step in to help them, you will be in the legal position to help them and to make sure they are not taken advantage of by another person or group.
Ric Lager
Lager & Company, Inc.
