How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31022
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Legal Question Here...
Roger is online now
A new question is answered every 9 seconds

Ave an elderly relative who is unable to handle her own finances

Customer Question

Ave an elderly relative who is unable to handle her own finances and may be in the early stages of dementia; should one of us have Power of Attorney for handling her affairs?
What is the procedure, is an attorney necessary for drawing the papers? What are the pros and cons of doing this, i.e. is the person who has Power of Attorney responsible for their financial obligations if this senior has little income?
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.
Hi - my name is ***** ***** I'm a litigation attorney. Thanks for your question. I'll be glad to assist.
Yes, it would be a very good idea to have your relative execute a power of attorney to give someone the ability to handle her affairs - - financial and otherwise. If you wait until your relative cannot sign a POA (the person must be of sound mind to sign), you would have to file a lawsuit and get a court-ordered guardianship/conservatorship to handle her affairs (which is much more expensive).
You can get a general durable POA from a local lawyer or online for a few hundred dollars....if you wait and have to file for a guardianship/conservatorship, you're looking at thousands.
Also, you are not individually responsible for her debts if you take over as POA. You would only be responsible to act on her behalf......but that's it. You're not exposing yourself to liability just because you're POA.