The long-term care planning with your parents is a fluid process. So what does this mean? It means that what is put in place for when your parents are in their fifties will gradually change as their health condition and situations change.
Lets examine what a fluid process means using an important document as a Power of Attorney.
There are two kinds of Powers of Attorney. The most common is one that goes into effect the moment that it is signed. The other type is one that goes into effect ONLY when the individual is deemed unable to manage their own affairs by a court or medical professional. When people are in their fifties, they will usually create a POA at the same time they create their first Will. Since many of us do not want to give the assigned personal representative immediate authority, we tend to create one that is contingent upon our health or mental condition
Lets fast forward ten to fifteen years. Our parents are now in their sixties and their health condition might have started to turn for the worse. You now find your self in the role as your parent's Care Manager. You pull out of the files your parents POA that they put in place years ago. Then you go to present it to a business or financial institution; however, they do not recognize it as being valid. Why? Because you do not have the court or medical documentation which is a stipulation of making that POA active. So now you must go through the steps to get this done -which takes time.
We cannot stress enough the importance of planning which is an ongoing process. Plans your parents when they are in their fifties must be revisited every 7-10 years. Many things will change overtime. Your parents' health and situation will change. Relationships change. Maybe your brother was the original POA but he has since moved away. Maybe your parents never put anything in place - Wills, Healthcare Directives, POA and now you are responsible for their care.
The goal of our website is to raise awareness of issues you will encounter while on the journey with your aging parents AND to offer solutions, resources, tools and support conveniently located in a single location. We were not prepared for this responsibility of our loved ones and we felt that it should not have to be this way. Visit our website at anytime along the way while on the journey with your aging parents.