As I write this, a dear elderly friend may be taking her last breaths in the bed of a nursing home 30 miles from here. Bernice and I bonded like super-glue nine years ago when her son, who is now my favorite ex-husband, brought me home to meet his mother. You know how sometimes you meet someone and you just KNOW them … how they think, how they react, how they feel … with no need for words? That was me and Bernice.
Review the bank statements from the prior year and ascertain where the money is coming from. Look for deposits and transfers in. Are social security or retirement payments coming monthly via automatic transfers in or check deposits? If checks were deposited monthly for most of the year, but not during the past few months, where are those checks? They may be sitting in unopened envelopes or lost somewhere. You may need to call the payer and have the checks reissued.
As you can see this does not require a notary seal. This is a Power of Attorney in its simplest form. You can dress it up from here and add legal mumbo jumbo as needed to create a صيانة بريما that you feel good about. However, if you are “ok” with a simple English document, so are the courts.
The sooner this discussion takes place the better. Everybody has to recognize that planning is good business and financial management. The parents have an obligation to take care of it for the children’s sake, and the children have an obligation to help their aging parents. The discussion will take place at some point. The worst time to have the discussion is when a parent is in intensive care.
Thousands of “checks” are cashed each year without these elements and they become expensive check returns later. This is a common occurrence with sweepstakes advertisements for example. Much more serious is when these elements are manipulated to the advantage of a con artist.
When tax time arrives, all necessary documents should be easy to find in the “Tax – Current Year” folder. After you or your loved one files their tax return, store the supporting documents in the relevant year’s long-term storage folder.
Go to a specialized attorney for inserting these special provisions in your will. After all it is your money and you should ensure that it is going correctly after you.