Elderly parents, what documents needed?

[glkminn]

My parents and I reside in Minn, I care for most of their needs,paperwork,med.needs,etc. I am poa for their bank accts.,is there a need for poa in other areas of their estate? They rent,own 1 car,own some furniture, life ins.policies are in force,no valuable possessions. What poa document would we need for what,if any,other purpose? They also have no will, do they need one at this time, if so, what kind? I have one sister,lives in Calif., and she visits occasionally. There are four grandchildren, I have no idea what should be done about a will, and if probate is involved, and how probate would affect my parent's current bank accounts or posessions. Thank you for any assistance.

 

[ALawyer]

They do need a Will, as if they die having one would be a MUCH simpler and cheaper way to handle matters to the extent any of the property left was not covered by beneficiary designations, etc. ASK THEM what they would want to do and then get a lawyer to do a Will. A Living Will specifying the nature of medical treatment may work.

IF there is a possibility they may enter a nursing home you also might want to do a Medicaid Trust -- it has to be done 3 years in advance or the State or Uncle Sam gets the money.

 

[trustee]

Dear Caresalot
I need to know somethings before I can help you much.
1. Are your parents in good health if so have them give you and or your sister a poa for there heath care needs so that if they get sick and they can not direct there own heath care you and/or your sister will be able too.
2. Do they own any property? how will it be transfer if something happends to them. You and your sister will have to deal with the state if there is no way to transfer things. The ways to tranfer things are with a will or with a trust

All these are personal experance for me because I am not a lawyer.

 

[glkminn]

Dear Trustee, my parents are doing well right now, Father had stroke Apr.2000; blind, but gets good care. Mother has deafness, circulation probs, and arthritis, but doing well as can be at ages 80 for both. I watch over their health care needs, I help them with their paperwork, general needs, and visit often. My sister (in Calif.) does not assist with any of above, not stable financially, cannot be trusted with any money responsibilities. I am poa at the bank for all their accounts.
They own no property, sold home, proceeds went into a annuity, it pays them certain amount each month for expenses,they have to be careful with their funds. They own a car and furniture. An aunt lives with them, so I am thankful for that,she pays share of some expenses.

Thank you for your interest. They are reluctant about the need for a will, is there a simple plain document "out there" that can be completed with least amount of expenses?
Do I need a different poa document than the bank one?