For most homeowners, their house is one of the most valuable assets they have. It’s one of the major things that they’re going to consider when doing their estate planning. They know that they have to get all their affairs in order, and determining what to do with the house is a major step to take.
However, there are cases where elderly individuals need to move out of that family home. Maybe they have to live in a nursing home or an assisted living center. Maybe they’re simply moving in with a family member. As people age, it may become difficult for them to live on their own or they might be completely incapacitated due to physical issues or cognitive issues.
In a situation like this, selling that home may become necessary. It will be clear that they are not going to move back into it, but it’s an expensive asset that could help to cover these costs. Can someone else sell it or does the elderly person have to do so?
Using a power of attorney
This is one of the uses of legal or financial power of attorney. It gives the agent the power to handle affairs like real estate transactions and distribute payments to assisted-living centers.
So, if an elderly person is concerned about what may happen to their home if they weren’t able to make their own decisions, they can simply use this power of attorney to choose someone they trust in advance. They know that this person has their best interests in mind. It’s critical for all individuals to understand how this can impact their legal rights and what steps they need to take.