It can be tough watching an adult parent grow older, especially when issues arise regarding self-care and financial responsibility. If your parent no longer appears to be capable of these tasks, you might want to consider guardianship. Forbes offers the following information on when guardianship makes sense, which will help you make the best decision for your parent.
Does your parent need a nursing home?
Placing a loved one in a nursing home is never easy, but it may be in the person’s best interest. If your parent refuses placement, a guardianship appointment will put authority in your hands, thereby allowing you to make tough decisions. It can also provide power in other health care areas, such as making decisions about medications or treatments.
Is your parent in the process of selling property?
An incapacitated person is not able to make decisions about complex financial matters, such as selling a home. The same can be said of managing investments, which are difficult even under the best circumstances. A guardian will undertake these tasks on behalf of your parent to ensure they’re completed correctly. You can even set up a limited guardianship, which gives another person authority in certain areas but leaves your parent in charge of others.
Has your parent refused to sign a power of attorney?
Proper estate planning documents are another essential component of protecting your parent’s finances. Accordingly, if your mother or father refuses to sign a power of attorney or other documents you could have a real problem on your hands. A mentally incapacitated individual is more prone to scams and tricks, which could lead to financial devastation. A guardianship will prevent this from occurring because another person will be tasked with these decisions.