Our elders are the crown of the family. While they are healthy we often feel reluctant to ask our elders if their business affairs are in order, because in a way we feel that it dishonors them.
Looking at it a different way, the younger generation and the older generation honor each other by tending to business matters. The most basic item to put in place is a Durable Power-of-Attorney. This document will authorize one or more “agents” (usually family members) to act on behalf of a “principal” (usually an elder family member).
A power-of-attorney can take effect immediately once it is signed and notarized, or it can be written to spring into effect at a later date or only upon the occurrence of a specific event or situation, such as a certain medical diagnosis. The power-of-attorney may be broad or may be limited for use in particular matters, such as banking or real estate transactions.