Sometimes I Feel Like a Piece of Bologna

Sunday, June 10, 2007

Financial Power of Attorney

About a month ago I wrote about the problems of managing Mom’s finances with the durable power of attorney that we had. When I went to Mom’s this week, we met with her attorney and he added me to the trust as co-owner. He said he’s seeing more requests for this type of change as more financial institutions are requiring more than they used to. It was easy—just added my name, reprinted the page, and had it notarized. Our attorney doesn’t even charge for minor changes like this.

Of course, in order to do this, your parent will have to trust you implicitly, or as one of my commenter mentioned, not care. It’s a huge responsibility, but it will certainly make managing Mom’s finances easier.

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1 comment(s):

When we saw the attorney, a couple of times, for my mom's stuff, I wanted to know what the charges would be. I just didn't want any surprises, like I've heard about, with all sorts of add ons. Not that these aren't legitimate charges, but they come as a surprise.

He thought for awhile and stated the hourly rate. Fine. And that'w what we were charged.

Interestingly, during the discussions, he had told us what we should pay out of my mom's money and what expenses would revert to us, legitimately. But he said that his fees could come out of mom's money.

By Blogger P.S. an after-thought, at 6:36 AM  

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