Which way shouldI go in handling my eldery father’s small estate?

He has negative equity and just lost his wife. She had a pension and SSI. Should I begin with loan modification or just foreclose on property. He is 82 years old and not in great health. Also, his memory does lapse on many occasions so finding all of his documents will be a task. I am overwhelmed.

Asked on October 10, 2011 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The first thing that you need to do concerning your farther's current health and finances is to have him sign a proper power of attorney on your behalf where you are his agent in fact over his physical condition as well as his assets.

In order to do this, you should consult with a Wills and Trust attorney to have a proper power of attorney drawn up as well as to discuss your father's affairs. It is very important that you take your father personally to this meeting with the desired attorney to assist you both.

At this time you, your father and the attorney should discuss the desires of your father as to his estate, its size and the best way to place it for in order for his future health care and eventual distribution.

Good luck.


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