Allsup Outlines Five Critical Issues for Caregivers Preparing to Take on Financial and Healthcare Respon... (mited time period and it ceases to be ef...)

Allsup Outlines Five Critical Issues for Caregivers Preparing to Take on Financial and Healthcare Responsibilities

Date:8/19/2008

mited time period, and it ceases to be effective should the grantor become disabled. It is commonly used for buying or selling real estate or allowing an agent to deposit or withdraw funds from the grantor's bank account. Some individuals may fear they are giving up control by granting an agent durable power of attorney as the agent can immediately take control and begin making decisions. However, a springing power of attorney can present a problem if there is a disagreement between healthcare providers and family members regarding when the individual granting power of attorney became disabled or incompetent.

"As a caregiver with power of attorney, you are acting on another person's behalf," said Gada. "You want to make sure that you have a very clear understanding of what the individual you are caring for wants and that you truly are committed to acting in their best interest."

Gather and organize records

Caregivers should make certain that they have a copy of any power of attorney and living will, plus have secured access to other important legal and medical documents, including the individual's will or trust documents.

Other important financial information to gather includes:

Bills, including utilities, household maintenance payments, medical fees, etc.
Deeds, mortgage papers and ownership statements
Loan agreements
Medical records
Stock and bond certificates and statements
Pension, 401(k) and other retirement benefit statements
Bank and brokerage account information
Insurance policies, including long-term disability, healthcare, home, auto, etc.
Social Security payment information if Social Security or Social Security disability already has been secured
Pay stubs if the individual was working
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