Taking Care of Mom and Dad: Transferring Authority Introduction

My mother made it to 82, taking care of herself. Then, she fell in the bathroom at her house and broke her hip. She was in the hospital for a month. While she was there, she asked me to help her keep her bills paid and everything. And I knew that meant everything. So, my husband and I looked around for a place where she could still have her own space...but would have people around to keep an eye on her. And I looked into adding my name to her accounts. This caused some problems, though. When it came time to sign the documents, she hesitated. She felt she was giving up too much of her authority.

Talking in general terms about helping your parents is fine. But, when it comes to the actual transfer of financial and legal authority, things can get difficult. The best way that you can prepare for this difficulty is to have a working knowledge of the various types of legal agreements that allow children to take actions for their parents.

Then, when the time for the transfer comes, you can offer your parents several choices for how to arrange their affairs.

In this chapter, I discuss various legal forms and offer a few examples. However, the laws related to financial and legal authority are specific to each state. Make sure to consult an attorney or eldercare expert before signing any document.