Just been granted power of attorney for my dad. Please read on?

Question

My father is aware that his health may deteriorate quickly. The power of attorney became official today.
Do I have to notify his bank and financial advisor that this is now in place?
My dad is in hospital but capable of managing his own affairs.
I hope he will always be this way but there is a small chance he won't be. He has already had a series of mini strokes.
Should I leave things as they are or notify the people in charge of his finances?
I want my father to have peace of mind but not sure what to do for the best.
For the nasty people on this site: I do not want his money.

Answer 1

yes, i would go ahead and notify the bank and his financial advisor now. you may have to give them a copy of the POA (power of attorney) too. The bank may require your dad to fill out their own power of attorney - some banks have their own forms, and so it is better to get this done now while he is capable because if he deteriorates, he maynot be able to later on.

I alsoSTRONGLY sugges your dad look into getting a Health Care Power of Attorney to designate someone to make health decisions for him in case he is not able, A HIPAA Designation - which allows the person to receive his medical information (and have it extend BEYOND his death, in case their is some sort of lawsuit to pursue, that Dad fill out a Living Will and of course, a Last Will and Testament.

All these things are very important to help carry out his wishes now and later and to easethe burden to your family and head off any disagreements.

good luck to you both

Answer 2

Part of being a responsible adult means making arrangements in the event that you're incapacitated, and it sounds like this is what your father is trying to help you do. A medical power of attorney/advance directive is certainly a good idea, and it's also a good idea to have some kind of financial power of attorney so somebody can manage your affairs in case you're unable to. That said, you need to be careful with a power of attorney because the person you name can potentially have complete control over everything you do. It's a powerful document so you need to be sure that you trust your father to only use it in your interest. If you have the slightest doubt that he might get into some hanky panky, and you know him better than anyone else, you should not grant it to him.

Answer 3

Notify the bank and financial advisors at once, and give them a copy of the P of A. They'll need to run it by their legal departments and keep in on file in case you need to use it.

Don't wait and do this at a time when you actually need it; get it done NOW. I have P of A for my Dad (who is not yet incompetent, yet allows me to handle his financial affairs), and learned that the hard way.

And actually, you CAN have power of attorney even if your dad is still competent, unlike what one of the answers above says. That's the kind I have, and it continues in force if and when he does become incompetent. It just states as much in the document. This avoids him having to be declared incompetent if he's just forgetful or confused about paying bills and such. Be sure you have a DURABLE power of attorney, as some financial institutions require it.

(Terminology may differ depending on where you are, but I do mean DURABLE.
Definition: "A "Durable" Power of Attorney enables the Agent to act for the Principal even after the Principal is not mentally competent or physically able to make decisions. The "Durable" Power of Attorney may be used immediately, and is effective until it is revoked by the Principal, or until the Principal's death.)

Answer 4

First, I'm sorry you are going through this and your dad is very fortunate that you truly love and care for him as you do.

If dad has an attorney and I'm assuming so, you could start there. Also, you could contact the National Council on Aging, and their website is: http://www.ncoa.org/ they might have a lot answers for you.

Usually the various entities that handle dad's business will require a copy of the Power of Attorney; I would also suggest you contact the social worker for the facility where dad is and ask them if they could advise you on how to protect dad through this process.

Okay, I'm long winded and sorry about that.......I send my best wishes, though its a life passage I know its real difficult, but you can do this. Best to you.....

Answer 5

well done dad. for doing this because when his health does deteriorate anyone can ask him to sign a power of attorney in their own favour. this power of attorney is called 'Adults with Incapacity act 2000...under this act there is no need for a lawyer to contact the next of kin when a brain damaged or person with mental problems signs a legal document
which usually involves money and property. nice little earner !
for the deviants in the system !!! and family !

Answer 6

Yes, you should notify bank and financial advisors. You should show them the papers, and see what information is needed from them. If you are prepared now, it will make it less stressful later, if his health does deteriorate.

I understand you are not out for his money, just his best interests. That will make you partners with his bank and financial advisors.

Answer 7

A problem occurred with my grandmother. She didn't assign power of attorney before she became incapable, and so no one ever had it. Your father must grant you this power, the best thing to do is ask age concern, or the hospital social worker, or a solicitor for advice. If you leave it too late your power to act on his behalf is weakened somewhat.

Answer 8

Blue Juliet is right but she means ENDURING power of attorney. If you do not have one of these then then P of A ceases as soon as your father becomes mentally incapable. With an EPA it survives incapacity.

Notify everyone now (including utilities, landlord (if any), tax man and so on - it does not preempt your father's right to make his own decisions but it does mean when you need to use it you don't have any delays - some institutions take weeks to take notice and some need telling more than once.

Answer 9

If he is able to make coherent decisions in regards to his estate/financial situation, you should let him make the calls for the time being. As time wears on, and god forbid he gets worse, you will have to exercise you rights as power of attorney. Since you have been designated as POA already, i'm sure he thinks you are fully capable of handling his affairs.

Answer 10

Notify his bank as well as his insurance, credit cards, mortgage company and any other personal affairs that he has. If you don't notify them now when and if something happens you will be in no position emotionally to deal with all of those things.