When someone is diagnosed with Alzheimer’s disease or another form of dementia, it’s common for that person to get their affairs in order while they were still mentally sound. This includes designating a power of attorney for health and financial reasons. What many seniors do not do, however, is plan for this due to general cognitive decline and not necessarily a medical disorder. While a medical power of attorney is much more common, research shows that a shade under 40% of seniors have a financial power of attorney.
If you need to look into this arrangement so you’re protected in the future, Buffalo Center for Rehabilitation and Nursing has a look at some steps you can take.
- Find Someone You Trust
This is the biggest step, as you want to find someone you can trust with your money, and that person should also be well-organized and generally sound with money. Most people will trust their spouse the most, but you should pick someone younger if your spouse is the same age as you are. Splitting duties among multiple children is also a popular tactic.
- Organize Your Assets and Information
You’ll want to create a spreadsheet or a list of your assets and debts, along with any income from investments, Social Security, and pensions. This list should also include usernames and passwords for your financial information that’s tied into websites.
- Talk to Your Chosen Advocate and Explain Your Needs and Expectations
Have a conversation with the person (or people) you chose and explain to them that you are looking for some help just in case managing your money becomes too difficult for you to handle down the road. Then run your advocate through the list you created.
- Make it Official
You’ll need an official document to make the designated person a financial power of attorney. You will also want to discuss when you’ll need this help. Experts suggest writing a letter (with both of you keeping copies) where if you forget certain things or have a specific medical diagnosis, that it will then be time to start handing over the financial responsibilities.
To learn more about Buffalo Center for Rehabilitation and Nursing and all of the services they offer, visit http://buffalo-center.facilities.centershealthcare.org.
