Lately, you do more and more to help take care of your retired parents. Is it time to consider seeking guardianship for your aging mother and father?
Forbes breaks down scenarios in which adult children may want to look into guardianship. Learn when to step in without treading on your parents’ independence.
Selling real estate or investments
No matter if your parents have a power of attorney in place, they may need a guardianship for some scenarios. For instance, if your parents want to sell their home or another investment, you may need to petition for guardianship for the sale to go through.
Declining to sign a power of attorney
Perhaps your parents do not have a power of attorney as part of their estate plan and do not plan on including one, even if they have dementia or something similar. If your loved one’s diagnosis progresses and you grow concerned that she or he cannot safely tend to finances, petitioning for guardianship may help you experience peace of mind.
Protecting physical health
Even if your parents have a health care proxy in place, it may not account for every medical scenario. For example, certain conditions like Alzheimer’s may require medication administration, which may require guardianship approval before medical professionals may intervene. Your parents may fail to comprehend medical instructions or what their physician tells them. If that happens, the only way for them to receive treatment may be with a guardianship.
Recognize when your aging parents need your help most. Petitioning for guardianship could offer the most favorable outcome for everyone.