Question:
My friend's mother is starting to loose her decision making ability. He is already her custodian as far as social security administration is concerned. What would he have to do to get legal custody of her so he can put her assets into a trust for her to make sure she doenst do anything foolish? Likewise he would like to administrate her retirement account so she does not go and sell all her bonds and buy some random penny stock. Is there anything in the SSA forms that already gives him the legal ability to do this? She does not think she is that bad and will not be cooperative. Also she is a bit of an angry person and he is worried she might go on a shooting spree.
Answer:
I am sorry your friends mother is going through this.
First, your friend needs to see an attorney to get a power of attorney to handle her finances and have to declare her incompetent. By doing this, your friend will be able to make legal decisions for his mother.
I would recommend your friend calling the family doctor and getting his/her opinion on the matter. It is usually a pretty quick procedure in front of a judge which is why it is important to get everyone on board with it. It usually cost anywhere from $500 on up depending on how complicated the affair is.
Good luck.
Hopefully she has enough of her mind left to grant him Power of Attorney. I'm so glad my parents did that with me. I have saved them from a lot of grief and heartache they would not be able to handle. And she needs to make him beneficiary on all assets...so it doesn't just go to the state.
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