Just been granted power of attorney for my dad. Please read on?
My father is aware that his health may deteriorate quickly. The power of attorney became official today.
Do I have to notify his bank and financial advisor that this is now in place?
My dad is in hospital but capable of managing his own affairs.
I hope he will always be this way but there is a small chance he won't be. He has already had a series of mini strokes.
Should I leave things as they are or notify the people in charge of his finances?
I want my father to have peace of mind but not sure what to do for the best.
For the nasty people on this site: I do not want his money.
Answers:
yes, i would go ahead and notify the bank and his financial advisor now. you may have to give them a copy of the POA (power of attorney) too. The bank may require your dad to fill out their own power of attorney - some banks have their own forms, and so it is better to get this done now while he is capable because if he deteriorates, he maynot be able to later on.
I alsoSTRONGLY sugges your dad look into getting a Health Care Power of Attorney to designate someone to make health decisions for him in case he is not able, A HIPAA Designation - which allows the person to receive his medical information (and have it extend BEYOND his death, in case their is some sort of lawsuit to pursue, that Dad fill out a Living Will and of course, a Last Will and Testament.
All these things are very important to help carry out his wishes now and later and to easethe burden to your family and head off any disagreements.
good luck to you both
Perhaps he should notify them if still in control of his faculties
Talk to his lawyer. He should handle this for you, and it would be good if you have a copy of the legal papers stating that you have power of attorney.
contact age concern or check out their website they have some useful advice. Hope you and your dad have a peaceful time
Just let those involved have a copy of the document. His bank may want to see the original as will anyone else involves in his finances.
I hope he feels better soon - and good luck to you both. Difficult situation to be in.
You don't activate the power of attorney until your father is incapable (in a doctor's opinion) of acting for himself.
Notify the bank and financial advisors at once, and give them a copy of the P of A. They'll need to run it by their legal departments and keep in on file in case you need to use it.
Don't wait and do this at a time when you actually need it; get it done NOW. I have P of A for my Dad (who is not yet incompetent, yet allows me to handle his financial affairs), and learned that the hard way.
And actually, you CAN have power of attorney even if your dad is still competent, unlike what one of the answers above says. That's the kind I have, and it continues in force if and when he does become incompetent. It just states as much in the document. This avoids him having to be declared incompetent if he's just forgetful or confused about paying bills and such. Be sure you have a DURABLE power of attorney, as some financial institutions require it.
(Terminology may differ depending on where you are, but I do mean DURABLE.
Definition: "A "Durable" Power of Attorney enables the Agent to act for the Principal even after the Principal is not mentally competent or physically able to make decisions. The "Durable" Power of Attorney may be used immediately, and is effective until it is revoked by the Principal, or until the Principal's death.)
You need to make sure everyone knows so the proper paperwork is on file when (and if) something would happen to him
discuss it with your father first, but it might be an idea to let places know that you might feel need to know
If he is able to make coherent decisions in regards to his estate/financial situation, you should let him make the calls for the time being. As time wears on, and god forbid he gets worse, you will have to exercise you rights as power of attorney. Since you have been designated as POA already, i'm sure he thinks you are fully capable of handling his affairs.
Yes, it is best to notify them so if something does occur, heaven forbid, then they are already aware of your situation. Also, make sure your father knows you are not trying to control him, but help him and be there for him because I'm sure it is hard for him.
better to notify the bank asap, make sure you have all the documents with you so they can set it up..it is better for you just incase.
Maybe you should contact a lawyer regarding legality and legally impending issues, especially when these laws change form state to state country to country. The internet may not be the best place to seek legal advice. However, if you want my opinion I say you tell your dad you want his money, and will be buying a boat with it. And that his years of love and compassion really aren't as good as the boat. Because your boat goes in to space, and is piloted by astronautical goats.
Anything you do on his behalf will require a copy of the PoA to be sent to the institution (taxation, banks etc).
When this happened to me, I sent notification when I needed to do business... such as the first cheque I wrote - bank needed to know I had authority to do that.
If he is still taking care of his own finances then I wouldn't notify anyone , why be an alarmist , when the times comes that you do take them over you have all the supporting documentation so nothing to worry about . I hope he hangs in there for you.
Leave things as they are, you do not have to notify anyone. You only need to act if your father is no longer able to handle his own affairs.
Yes notify the bank and all financial advisors its important that they know and its more important that your dad has peace of mind. My thoughts are with with you and your Dad.
Notify his bank as well as his insurance, credit cards, mortgage company and any other personal affairs that he has. If you don't notify them now when and if something happens you will be in no position emotionally to deal with all of those things.
I'm pretty sure your dad needs to process and complete a "Living Will" while alive in order to avoid the red tape of probate.
I just lost my significant other this past Monday. I used the power of attorney as things came up. I think your main focus should be in spending all the time that you may have left with your father and making sure that he receives good care and is comfortable.
Best of luck to you.
I could be wrong, but I think you're confusing "Power of Attorney" with "Legal Guardianship". POA is a medical power you have, it has no effect on financial and his other rights, such as the case for "Legal Guardianship".
Basically, if he has to be put on life support, you decide to put him on or let him die if you feel he's in that much pain.
I think a "living will" might also play into the role of POA and may have actually already been incorporated.
But then again I'm just 24, what do I know!
First, I'm sorry you are going through this and your dad is very fortunate that you truly love and care for him as you do.
If dad has an attorney and I'm assuming so, you could start there. Also, you could contact the National Council on Aging, and their website is: http://www.ncoa.org/ they might have a lot answers for you.
Usually the various entities that handle dad's business will require a copy of the Power of Attorney; I would also suggest you contact the social worker for the facility where dad is and ask them if they could advise you on how to protect dad through this process.
Okay, I'm long winded and sorry about that....I send my best wishes, though its a life passage I know its real difficult, but you can do this. Best to you..
A problem occurred with my grandmother. She didn't assign power of attorney before she became incapable, and so no one ever had it. Your father must grant you this power, the best thing to do is ask age concern, or the hospital social worker, or a solicitor for advice. If you leave it too late your power to act on his behalf is weakened somewhat.
You do have to notify his bank and finacail adviser.
Look after him well
Yes, you should notify bank and financial advisors. You should show them the papers, and see what information is needed from them. If you are prepared now, it will make it less stressful later, if his health does deteriorate.
I understand you are not out for his money, just his best interests. That will make you partners with his bank and financial advisors.
Blue Juliet is right but she means ENDURING power of attorney. If you do not have one of these then then P of A ceases as soon as your father becomes mentally incapable. With an EPA it survives incapacity.
Notify everyone now (including utilities, landlord (if any), tax man and so on - it does not preempt your father's right to make his own decisions but it does mean when you need to use it you don't have any delays - some institutions take weeks to take notice and some need telling more than once.
hi i would never want money over my dad either but personally i wouldnt tell ne1 till the qusetions come up if he can do his own thing for now say nothing to ANY one let him take care of things till he cant i think if you say something to ANY one they might say or do something stupid to make him feel bad sit back and watch closely and i will pray for the both of you
as long as u hold a piece of paper by lawyers/court stating that u have power of attorney . u shouldn't have to say anything until the time comes(hopefully not soon) u have to use it.
well done dad. for doing this because when his health does deteriorate anyone can ask him to sign a power of attorney in their own favour. this power of attorney is called 'Adults with Incapacity act 2000...under this act there is no need for a lawyer to contact the next of kin when a brain damaged or person with mental problems signs a legal document
which usually involves money and property. nice little earner !
for the deviants in the system ! and family !
Agree with Morewood, you need Enduring PoA to be able to look after your fathers financial affairs should he become incapable.
I have EPoA for my housebound mum who is very much with us in mind & spirit just can't run about like she used to. She insisted on EPoA just in case.
Contact everyone as will all need to see an original of PoA for their records so you can inform them of changes of circumstances, make bank withdrawals etc
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