Certain aspects of aging can make people nervous. For example, many older adults worry about the possibility that other people might try to obtain a guardianship or conservatorship over them.
Guardianship of a vulnerable adult gives someone authority to make choices about their medical treatment and daily lives. A conservatorship gives another adult authority over an individual’s finances. Both arrangements effectively strip older adults of control over their circumstances.
Should the courts determine that guardianship or conservatorship is necessary, older adults have very little say in what happens next. What some people don’t know is that there is a simple estate planning document that can protect them from an involuntary guardianship or conservatorship.
Proper planning can protect vulnerable adults
Older adults don’t have to worry about the possibility of losing control over their daily lives and finances if they plan carefully. The inclusion of the right documents in an estate plan can all but eliminate the possibility of guardianship or conservatorship in the future.
Many people are aware of powers of attorney as estate planning tools. Individuals can name people they trust in their financial or medical powers of attorney. The agents they select can take over their personal affairs should an emergency occur.
Basic powers of attorney lose their authority when an individual recovers, dies or becomes permanently incapacitated. Scenarios that might result in guardianship or conservatorship often lead to the invalidation of powers of attorney. However, those who draft durable power of attorney documents with special language can count on those documents retaining their power even if their incapacitation becomes permanent.
Those drafting durable powers of attorney can impose very clear limitations on when the document takes effect and what types of financial or medical matters they want their agent to handle on their behalf. Rather than leaving that authority up for grabs should anyone decide to raise concerns in court, older adults can take charge by selecting someone healthy and trustworthy to step up if they become incapacitated.
Adding the right documents to an estate plan can protect people in a variety of challenging scenarios. People who worry about incapacitation as they age may want to draft or revise durable powers of attorney to protect them later in life.
