You celebrated your parents’ retirement not too long ago, but maybe you harbor concerns in the back of your mind regarding their ability to take care of themselves in the years ahead. Should you discuss guardianship with your mother and father?
To help you recognize the signs that your parents need more help to manage their financial and legal affairs, see what Forbes stays about petitioning for guardianship. Get ahead of hardship for yourself and your loved ones.
Selling property or investments
If your parents ever want to sell their home or an investment, they may require an appointed guardian. No matter if your father or mother has a power of attorney in place for such situations, you may still have to step up and petition for guardianship before a sale goes through.
Refusing to assign a power of attorney
You may have adamant parents who do not budge in their refusal to sign a power of attorney, even if they encounter a progressive disease like Alzheimer’s. Even if you bring up a power of attorney in the years to come while your mother or father’s condition deteriorates, she or he may still refuse. You may have little choice but to petition for guardianship.
Crumbling decision-making skills
Even without the presence of dementia, your parents’ decision-making skills may deteriorate over time. Still, they may possess some ability to make decisions on their own. In this instance, you can petition for limited guardianship rather than full guardianship. That way, your parents retain their agency, which they may hold close to their hearts as older adults.