Help for aging parents

If your parent is losing the capacity to make decisions in their own best interest, it may be time to consider the following legal steps to insure their safety and comfort. 

A Power of Attorney (POA) is a legal document granting you (the agent) authority to make financial, healthcare, or other important decisions for your parent (the principal). When the power of attorney is durable, it only goes into effect if/when the principal becomes incapacitated. Power of attorney can also be more limited in scope. For example, health care POA enables the agent to make medical decisions only.    

POA is important because it enables you to make decisions or take actions on your loved one's behalf. It also makes you responsible for those decisions. The buck stops with you. 

It's never too early to designate power of attorney. Like a will, it can be established years before it is needed. If you choose not to assume power of attorney for whatever reason (you live too far away, it's too complicated, you don't have time, etc.), you can name a licensed and bonded fiduciary like Arizona Fiduciary Services to take on the responsibility.   

A living trust is an estate planning tool that helps you control how your assets will be distributed after your death. You (the grantor) transfer assets into the living trust and name yourself or someone else as trustee to manage it. You also name a successor trustee to seamlessly assume trust management and distribution after your death. Living trusts help avoid probate, allowing your assets to be divided up with minimal fret. 

As trustee, you are responsibile for managing investments, conferring with financial planners, securing and valuing all property that belongs to the trust, reviewing stock holdings, gathering information for the annual tax returns, managing property sales, supervising repairs and maintenance, and managing any business held in trust. 

A revocable trust is most common. It allows for change and flexibility. An irrevocable trust permanently abdicates control to the trustee and is created primarily for tax/asset protection.  

While there are many advantages to establishing a living trust, there can be a fair amount of work involved. If contention exists among family members or the trust is too large or complex, you might consider hiring a private fiduciary like Arizona Fiduciary Services to lessen the burden. 

A professional guardian or conservator is a licensed, bonded, court-appointed, non relative who manages the personal (guardian) and/or financial (conservator) affairs for someone unable to do so themselves (AKA ward). The appointment carries legal authority to make major life decisions including healthcare, housing, and money management under strict court oversight and reporting. These roles can be assigned with or without approval of the ward if they are deemed incompetent. All funds expended must be approved by the court for the direct benefit of the protected person.   

If your parent is competent, they likely want to participate in making decisions about their future care. A competent parent can name their prefered guardian or conservator if/when the need arises. If the named individual feels unqualified to step up and accept the role, then a licensed, bonded, fiduciary can be appointed as such. Talk with your legal representative about how a power of attorney can help make this designation.

Being guardian or conservator can be an overwhelming responsibility. If this kind of situation is looming on your horizon, give Arizona Fiduciary Services a call. We can help.   

Emergency guardianship

The court can determine whether an individual is handling their finances properly or dissipating their assets. In Arizona, the court may appoint a guardian for an incapacitated person suffering from mental disorders, chronic use of drugs or alcohol, or an illness or disability such as dementia. The law lays out very specific duties of a legal guardian in relation to an elderly ward.

Talk with a legal advisor if you feel there is a need for a court-appointed guardian.

Living a distance from your loved one can be stressful when emegencies occur. A licensed and bonded fiduciary close at hand can save you time, travel and worry. If your elderly parent or loved one resides part- or full-time in Arizona, then Arizona Fiduciary Services can serve as power of attorney, guardian, or conservator while they local.  As a court-appointed guardian of the person and/or conservator of the estate, we will watch over their personal needs as well as their financial affairs. 

If you need an emergency contact for elderly parents in southern Arizona, our Fiduciary team can help. We serve as emergency contacts and elder advocates for clients in Tucson, Marana, Oro Valley and Green Valley.