Q: I was recently made sole beneficiary and POA from my elder friend of 28 years. Will I need to file anything now?
He is alive but has 2 people renting rooms in his home he owns. I want to protect myself but also not sure if I need to do anything now? What happens if he becomes incapacitated? Should I meet with any attorney now? Thanks
A: You use the Durable Power of Attorney if your friend becomes incapacitated and you submit the Will to the clerk of the court upon the person's passing. I would likely encourage you to have the estate planning documents reviewed, as you will want to make sure HIPAA Waiver, Nomination of Guardian, Florida Healthcare Surrogate, Living Will and other documents are in place that may be needed or required related to estate planning, having the Will and POA reviewed will be useful as well to make sure everything is in order, the is especially so with Power of Attorney because Florida is very particular as it relates to POA documents. You do not have to file anything or do anything presently with those documents.
A: As agent, you can meet specifically with an elder law attorney who can review your friend's financial picture to determine if there is anything you could be doing (or shouldn't do) as POA to help him qualify for Medicaid and other long term care benefits if he were to need nursing care in the future. However, other than that, just keep the documents safe and only present the POA to his bank, etc., if he becomes incapacitated and needs you to assist him with managing his financial affairs.
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