New York Estate Planning & Elder Law Blog
If you have a son, daughter, sister, brother or parent living alone for whom you are responsible, and they unfortunately become incapacitated or die, apart from the emotional and medical burdens, you may have significant legal and financial troubles. A little planning in advance for these contingencies will go a long way in making any such dire situation much easier to handle.
If they rent, then make sure they notify their landlord, in writing, that you have their permission to access the apartment. Also get a key to their apartment or home or at least know where you can get one (such as from a neighbor).
A power of attorney will allow you to handle their legal and financial affairs during any period of disability. However, a power of attorney automatically ceases on death. Once someone dies, only the executor under the will may handle legal and financial affairs and it may take months and sometimes years to become appointed executor by the Surrogate’s Court. A properly created and funded living trust, on the other hand, gives you immediate control of their affairs upon death.
A health care proxy and living will allows you to gain access to their medical records, confer with medical professionals and make medical decisions for them if they are unable to, including termination of life support should there be no meaningful existence and no hope of recovery.
You should know where they keep records of their assets in their home or apartment. One of the benefits of a properly funded trust is that it will have a list of assets appended to the trust making it easy to locate what the decedent owned. A list of their assets, and any named beneficiaries, is also helpful.
Forms to provide personal information, such as who to contact in the event of death (friends, relatives, professional advisors), computer passwords, funeral and burial wishes and who is to receive which personal items, may be found on our website, trustlaw.com, under “Online Forms” clicking on “Final Instructions”.