Elderly care can be expensive. Whether it’s in-home care or nursing home care, the cost implication can often have a significant impact on the loved one or their immediate family members if not managed.
If you are managing the affairs of an elderly family member or relative, it is important to plan ahead and mitigate any financial or legal oversights.
A priority should be to organise important financial and legal paperwork. This way it is easy to identify what you have and do not have in hand.
Most people don’t realise how many legal documents they already have stored away.
Identify the following:
- Birth, marriage certificates, and divorce decrees
- citizenship papers if your loved one was born overseas
- death certificate of a spouse or parent
- power of attorney
- property deeds and cemetery plots
- insurance policies and pension benefits
A will is a legal document that allows a person to specify how their property should be divided.
By drafting a Will, it will ensure that properties and possessions go to the desired beneficiaries. It is not required to hire a lawyer to draw up a Will in Malaysia, and there are experienced companies which can provide such a service for a fee. If a Will is written without professional guidance, it could potentially miss some key facts, may not explain desired wishes accurately, and could be contested in court at a later date.
Power of Attorney
The Power of Attorney allows an elderly person the opportunity to put their trust in a spouse, family member, or professional to manage their affairs should they become sick and unable to manage their financial and legal duties. It is prudent to arrange a Power of Attorney document if your loved one has a chronic condition. It remains valid even if the loved one becomes ill and unable to act independently.
The document allows someone to:
- Pay bills
- Deposit cheques
- Manage financial affairs
- Manage business dealings
If no Power of Attorney is put in place, a judge will appoint someone to oversee the financial affairs.
Whether it’s written down in a formal document or communicated to family and friends, it is important your loved one’s funeral wishes are communicated clearly. Your loved one may wish to have their organs donated to science.