When you plan your estate, you arrange for future asset transfers to your loved ones. This is certainly an important part of the equation, but you should also consider end-of-life issues.
Incapacity is quite common among elder Americans. There are numerous different causes of incapacity, but Alzheimer’s disease alone is enough to get your attention.
According to the Alzheimer’s Association, over 40 percent of people who are at least 85 are suffering from the disease. It becomes statistically likely that you will live into your 80s if you reach the age of 65.
Those who are suffering from Alzheimer’s induced dementia are typically going to become unable to handle their own affairs.
If you were to become unable to make sound decisions on your own, the court could be petitioned to appoint a guardian to act on your behalf. There are some drawbacks that go along with a guardianship proceeding.
The guardian that is chosen by the court may not be someone that you would have chosen yourself. In addition to this, family members could disagree with regard to the correct course of action.
Durable Power of Attorney
You can prevent a guardianship through the execution of a legally binding document called a durable powers of attorney. With a durable power of attorney, you name an agent to act on your behalf in the event of your incapacitation.
It is also possible to prepare for possible incapacity through the creation of a revocable living trust. When you create the trust, you could appoint a disability trustee. This individual or entity would be empowered to administer the trust should you become incapacitated at some point in time.
Free Southampton Incapacity Planning Consultation
Incapacity planning is a must if you want to be fully prepared for the eventualities of aging. If you would like to take action, contact us through this website to request a free consultation.