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If your parents are still competent...and people can be competent with a diagnosis of mild dementia...and are willing, a POA form can be filled out now. It does not go into effect until he cannot make decisions for himself.

I would also suggest that the bills be set up to be paid automatically and that they authorize you to be notified if important bills like taxes, utilities and life insurance premiums are not paid. I believe it's called third party notification.

It is helpful to organize important papers. It is much easier to obtain things like home and automobile titles, discharge papers from Veteran's Affairs or duplicate birth and marriage certificates if the original party can still sign the requests. And a review of the beneficiary listed on life insurance, IRAs, 401ks, ect... is a really good idea for everyone.

And, if your parents are willing, a consultation with an elder care attorney might help them to prepare themselves in case one of them needs residential care and the other worries about becoming impoverished by that event.
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