Taking over your parent's finances is one of the toughest conversations an adult child can have with a parent unless you are prepared. It can be very difficult for a parent to understand and accept the fact that it is time for them to relinquish control of their finances.
A plan needs to be in place before the parent becomes incapacitated. No one has the right to act on behalf of someone unless they have been given a durable power of attorney. The key being that in order for this to be legally enforceable, the individual must be in full control of their mental faculties at the time they sign the document. If it is too late, guardianship will be decided by the court system. This is very expensive and time consuming.
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
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