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When you are responsible for caring for an aging loved one, thoughts about how to best provide support are usually the priority. However, questions related to legal and financial matters usually present themselves quite urgently as well. Learning about some basics now can be very helpful so you can focus on issues relating to care in the future.
Some of those questions have to do with legal documents for health care and financial decision making. Other questions are more general about personal finances. This article provides a good overview of what to consider when evaluating your loved one’s finances.
“A common recommendation is to obtain financial and medical Power of Attorney (POA) documents,” says Barb Mulay, manager U-M Work-Life Resource Center. “Other related topics may include acquiring Guardianship or establishing Advance Healthcare Directives, and/or HIPAA Authorization forms.”
These articles are good resources for guidance in establishing financial and medical Power of Attorney. Establishing these legal undertakings can be challenging, however they enable you and your loved one’s to create a solid care plan for current and future needs. In fact, the three legal documents outlined in this article are essential for you to effectively support aging loved ones. You may even need to look into guardianship and take steps while your aging loved one is of sound mind.
Another key legal issue to address is the need for a Will and/or Trust. We are fortunate at the University of Michigan to have the opportunity to sign up for the Legal Services Plan during open enrollment in October.
“The legal plan helps keep legal costs more manageable,” adds Mulay. “Talking with an elder care attorney also provides an opportunity for getting answers to many different types of questions you may have.”
For more information on elder care support, contact the Work-Life Resource Center ([email protected]) or visit our Elder Care website at https://hr.umich.edu/benefits-wellness/work-life/elder-care.