Taking care of an aging wife, husband, parent, or grandparent is an important and loving act of kindness. However, here are three common legal problems you may face when helping an aging loved one:
Problem #1: They’ll Remember Me in the Will—Better to Be Sure
You may give up a career, spend money from retirement savings, or sell your home to care for an aging relative. Here are suggestions to guide your decisions:
• Make sure all agree on the terms of your relative’s will or trust before you make significant changes in your life.
• Remember, a will can be changed at any time by your aging relative. There are no guarantees you will be included or excluded.
Problem #2: Complicated Care Issues—Ladybird Deeds Simplify Matters
Sometimes an aging relative will ask you to move into their home to provide care on a 24/7 basis. In exchange for your care, the aging relative promises their home will be yours upon their death. Here’s a relatively simple and easy way to transfer a home:
• Ask your aging relative to set up a Ladybird Deed naming you as the beneficiary of their property. This legal document allows your relative to keep control of their property (house, land, ranch, farm, etc.) during their lifetime. They can sell, mortgage, or transfer the property as they see fit without seeking permission from you.
• Upon your loved one’s death, if you are named as beneficiary, the property passes seamlessly to you through the Ladybird Deed, bypassing the probate process. Just like with a will, the Ladybird Deed beneficiary can be changed at any time.
Problem #3: Waiting Too Long to Set Up Powers of Attorney
Waiting too long to set up powers of attorney may result in relatives accusing you of taking advantage of a mentally declining family member. Here are recommended legal documents:
• Financial Power of Attorney. The person holding the financial power of attorney can pay bills, manage bank accounts, and make financial decisions.
• Health Care Power of Attorney. A health care power of attorney allows a person to make choices about doctors and treatments for someone if they cannot make these decisions.
Offering help to aging relatives is a loving thing to do, but it is best to understand the possible legal challenges.
At Weaver Firm – Attorneys, we’re glad to help you create a will or trust or visit about changes. Give us a call at 817-638-2022 to schedule an appointment today at our office in Bartonville Town Center, by phone or on Zoom. Learn more at WeaverLegal.net.