financial matters
my mother in law and husband have asked me to take over her finances due to her declineing health. which she has alzheimers in stage 4. i am wondering what kind of way to do this but to still protect my self and my rights. i will be paying her bills and writing her checks. thank you
Re: financial matters
There are three situations in which you can safely and legally act for your mother in law regarding her estate: one is as a signor on her account; one is as her attorney in fact under a financial power of attorney; and the last is as her court appointed guardian.
If she has named you as a signor on her account, you should be able to write checks to pay her bills without liability to yourself, as long as you act only in her best interest at all times.
Acting as her agent under a POW is the most comprehensive way to be able to act for her. However, she has to have the legal capacity to give you this power, and with "stage 4 dementia", it is probably too late.
The last option, guardianship, is the most complicated and expensive due to its time consuming nature. Unfortunately, persons who have not already planned for their incapacity may only have this option available.
Unless she has already put you on her account as a signor to handle her affairs for her, you would be wise to consult with an elder law attorney in your area regarding the possibility of a power of attorney or as a last resort guardianship.
Re: financial matters
There are three situations in which you can safely and legally act for your mother in law regarding her estate: one is as a signor on her account; one is as her attorney in fact under a financial power of attorney; and the last is as her court appointed guardian.
If she has named you as a signor on her account, you should be able to write checks to pay her bills without liability to yourself, as long as you act only in her best interest at all times.
Acting as her agent under a POW is the most comprehensive way to be able to act for her. However, she has to have the legal capacity to give you this power, and with "stage 4 dementia", it is probably too late.
The last option, guardianship, is the most complicated and expensive due to its time consuming nature. Unfortunately, persons who have not already planned for their incapacity may only have this option available.
Unless she has already put you on her account as a signor to handle her affairs for her, you would be wise to consult with an elder law attorney in your area regarding the possibility of a power of attorney or as a last resort guardianship.