What You Need to Know About Adult Children Taking Over Your Finances

Whether you’re caring for an aging parent and have questions about what it means to be their power of attorney or you’re looking to sign a power of attorney to name one of your children as your agent, it’s important to be clear about how a power of attorney works in New Hampshire.

A durable power of attorney makes it possible for someone else, known as your agent, to take on the role of managing your finances. Without this, it might require a trip to court. It’s a good idea to make a power of attorney document now while you don’t need it. Getting guardianship of a loved one because they didn’t make a power of attorney can be very complicated and overwhelming when you’re already nervous about your family member’s medical conditions, so make sure to create this in advance.

Here are some things to think about as you brainstorm who in your family you’d like to take over your finances in the event that you are unable to make decisions for yourself or are planning an operation or out of country trip that would make it difficult or impossible for you to handle your own affairs:

  • Where do you keep your financial records? Is this in a place where your agent knows to look?
  • Do you have records about your annual income and the sources it comes from?
  • What are the monthly expenses that an agent should be prepared to pay?
  • What are the names of your financial institutions?

If you’re ready to create your first power of attorney, set up a time to work with our NH elder law attorneys today.





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