I am named as the agent in a Power of Attorney for a relative. The POA was prepared by her attorney. I am trying to get organized to have a conversation with her about her situation now while she is healthy and lucid rather than scramble around when/if a situation arises where the POA is needed.
She has a brokerage account with Vanguard and 2-3 bank accounts. She owns her home but I am pretty sure there is no mortgage. She lives alone.
Here are some additional things related specifically to the POA that may need to be addressed:
I know there are a host of service providers (e.g the phone company, cable company etc) who might cause some delays if I needed to cancel service (for example, if person went into a nursing home or the like) but worst case, I can simply stop paying them. I'm more interested in bigger fish here.
Are there any other "majors" I need to be concerned about?
Not that it matters but I am not the executor of her will but one of my siblings is so there should be no issue with any handoff at death. I'm aware that the POA ceases to be relevant at death and the terms of her will take over at that point.
She has a brokerage account with Vanguard and 2-3 bank accounts. She owns her home but I am pretty sure there is no mortgage. She lives alone.
Here are some additional things related specifically to the POA that may need to be addressed:
- Agency Authorizations - Vanguard
- Present current POA to banks and confirm acceptable; address issues
- Medicare - not sure what is required here
- Social Security - Representative Payee. I've been down the SSA rabbit hole twice now and can't figure out the process here.
- IRS - will a tax preparer accept a POA and file taxes? Are there any other forms that are required to file a tax return on behalf of this person?
I know there are a host of service providers (e.g the phone company, cable company etc) who might cause some delays if I needed to cancel service (for example, if person went into a nursing home or the like) but worst case, I can simply stop paying them. I'm more interested in bigger fish here.
Are there any other "majors" I need to be concerned about?
Not that it matters but I am not the executor of her will but one of my siblings is so there should be no issue with any handoff at death. I'm aware that the POA ceases to be relevant at death and the terms of her will take over at that point.
Statistics: Posted by jebmke — Thu Aug 29, 2024 12:44 pm — Replies 5 — Views 158