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Both
of them need to prepare wills and powers of attorney, and many do so
at an early age. However, older people have to be reminded of the importance
of these matters.
Banking has changed significantly and become more human and helpful.
Norah had an account with a bank in Toronto. I was surprised when one
day they sent us a new supply of cheques and we found they had changed
her account into a joint account with me, without any authorization
from her. Evidently they were having problems with her and realized
she was developing serious mental disabilities. A joint account can
be a great help when one spouse develops Alzheimer Disease because it
allows the other spouse to take over, especially if sufficient money
is coming into that account. When the Alzheimer person dies the account
immediately goes to the living person on receipt of a death certificate
and is not considered in the will.
Make your decisions now while you know what you are doing. Have
your lawyer prepare full power of attorney papers so that your spouse
or child can look after your affairs when you are no longer able to
do so. Have the lawyer make a will, choose an executor wisely, and keep
her/him up-to-date on the location of your assets and what you want
done with personal belongings. A signed memorandum can be put in with
your will at any time to take care of belongings not covered by the
will.
In case a person gets Alzheimer Disease it is of great importance
that a spouse or child have full power of attorney for that person.
Norah signed papers giving me full power of attorney in case she became
incapable, years before she developed Alzheimer disease. She had considerable
assets and it enabled me to take care of them. It also helped me to
give her the best care. I have sat in many Alzheimer Support group
meetings and listened to the problems that caregivers faced when they
had no full power of attorney. Besides being responsible for 24-hour
a day care of the Alzheimer person the caregiver is also confronted
with the inability to pay the bills. Let's prepare for the future and
not become a burden to others who may have to look after us.
The alternative is that the Public Trustee takes over your affairs,
as happens frequently. I have never heard of a single case where the
people involved with this alternative were happy with their situation.
It is slow, bureaucratic, and full of forms to be filled out by old
caregivers who are already facing endless problems. If a person has
no wife or children, or anyone they can trust, then only is the Public
Trustee the right direction to go.
Some people think that making a will and giving power of attorney
means they are preparing to die. This is a sad attitude. No, it means
they are going to be in control of their future and be able to live
their old age in peace until they die. They will not become an undue
burden to family members and after they die their possessions will be
dealt with according to their instructions.
SUMMARY:
Will
- Most people will consent to make a will because with a will they
can decide what will happen to their assets after their death.
Power
of Attorney - This presents a different problem. Some persons, husbands
in particular, finds it hurts their ego to consider that they may not
be able to look after their finances until they die.
Joint
Bank Account - If he won't make a power of attorney, then demand
that you have a joint bank account, with money coming into it. Many
people do this naturally. It enables you to take care of daily expenses
and comes into your possession when the person dies.
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