I am one of four children. Our parents are in their mid-70s. Our mother has just been diagnosed with mild Alzheimer’s and we suspect our father may be having some cognitive issues as well (with an assessment for him coming up soon).
Our parents are well-off, owning a number of properties and business assets. They don’t have a will, but do have a trust holding all of their assets with us (their children) as beneficiaries.
We know there are a number of decisions to be made. For example, the person who diagnosed our mum said that she needs to be removed as a trustee from any trusts now, while she is still able to make that cognitive decision.
But what else? I assume they need to decide things like power of attorney etc (is this different for financial decisions, medical decisions etc? Or just one person?).
Is there a specific type of lawyer they should be talking to about how to prepare for this next stage of life?
We’re finding ourselves in a very tricky situation - we’re all emotionally devastated by our mum’s diagnosis and our dad has his head in the sand a bit. Any advice would be so much appreciated, or any guidance around where to get advice.
Thanks so much.