Showing early signs of dementia or other cognitive issues might prompt you to schedule a consultation with an estate planning lawyer. Many people get advised at this stage in time to create a financial power of attorney.
If these medical issues are happening to your spouse, however, you may be wondering if this is necessary. One of the most important things to remember is if a loved one is showing signs of mental decline, is that you should not hesitate to create these documents. This is because the person executing them, such as your spouse, needs to be able to understand what a power of attorney document is and what it does.
You might also need an additional tool known as a power of attorney for health care. Even if you were using your joint accounts to pay the bills needed during the time that your spouse becomes incapacitated, a power of attorney document is invaluable if you needed to take action on property that is jointly held.
This can include making decisions like refinancing your mortgage. It can be very expensive to have to go to court to try to get guardianship or to be approved to make these decisions otherwise, so it is strongly recommended that you have a power of attorney established well in advance.
Get a NH power of attorney created early on so that you have peace of mind that you can care for this person’s needs if and when the time comes.
Reach out to our NH estate planning office today to get more support with your planning.