Taking Over Your Aging Parents' Legal and Financial Decisions

Although it is usually a good idea for responsible children to take over their aging parents' legal and financial matters, it can be quite a burden for anyone to bear. It means that you are responsible for making all of their decisions, from mortgaging the house to paying their bills to hiring attorneys. Usually, this is assigned by creating power of attorney for one or more children at their parents' request.

The major issue here is that many people don't think about taking over their parents' legal and financial decisions until something catastrophic happens, such as a stroke or heart attack or the onset of a serious illness. This makes the situation far more complicated, especially if your aging parents aren't capable of making these decisions. You'll have to go through other means in this case - usually the court system - which can take months of painstaking hearings and depositions.

If you want to take over your aging parents' legal and financial decisions, it is best to do so when they are healthy and of sound mind. Your parents are getting on in years, and it only makes sense to prepare for their future, even if they are incapacitated in some way. To do this, you'll need to have a serious conversation with the entire family present, which can be just as painful as the issue itself.

First, choose a low-stress time when everyone can talk reasonably. Your aging parents might not be ready to turn over their legal and financial decisions, which is entirely their choice. If they shut down your suggestion when you first begin, you'll have to decide whether to let the issue lie or to pursue it further. Regardless, however, if they are of sound mind, you have to defer to their wishes.