As your parents age, you may find yourself accepting more responsibility for their care. Becoming your parents financial power of attorney can be a complicated, and tricky process if not handled correctly. A little bit of patience, tact, and love will get you a long way in dealing with your parents and their finances.
Make it official – The legal ramifications of taking over someone else’s finances are daunting. Be sure to get the proper forms dealt with as soon as possible. First, you will need a notarized Power of Attorney. When conducting business for your loved one, be sure to reflect your position by signing your name followed by the phrase “as agent for (your loved one’s name).” [Read more…]