Legal Question in Wills and Trusts in New York
Power of Attorney
My parents live with me in my house and the want to appoint me power of attorney of their life insurance policys and their checking account, ( I am already on their checking account), and of their medical power of attorney. My question to you is is that all necessary since they already live in my house? If it is a good idea, how do I go about getting all that done?
2 Answers from Attorneys
Re: Power of Attorney
Just because your parents live with you in your house does not mean that you have legal control over various aspects of their lives.
The easiest way to accomplish what you want is for your parents to sign a general power of attorney and a health care proxy.
Mike.
Re: Power of Attorney
I totally agree with Michael. Residence has nothing at all to do with these issues. I am confused about the POA for the life insurance. Do they want you to assist with ownership rights or merely become the beneficiary of the policy when they pass away? Either way, this can be done through the insurance company by appropriate transfer of ownership document or change of beneficiary designation. They also should have Wills to cover personal property and things like cars, unless they give them all to you now or add your name to the title documents.
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