Estate planning can give people peace of mind about many future challenges. Those who have witnessed loved ones fight over a family member’s estate may want to prevent their children from destroying their relationships after they die. Those with major medical concerns may want to provide clear guidance about the type of care they hope to receive if their health declines.
Those with chronic health conditions and those preparing for retirement may also need to consider the possibility of becoming permanently incapacitated. If the courts determine that someone is permanently incapacitated due to medical issues, a persistent vegetative state or cognitive decline, then they may be at risk of an involuntary adult guardianship.
Outside parties ranging from family members to caregivers could seek guardianship or conservatorship to influence the daily care of the vulnerable individual or gain control over their finances. An estate plan can help individuals limit their chances of adult guardianship or conservatorship in the future.
People can choose their own guardians
Individuals who take the time to establish an estate plan can effectively name their own guardians and/or conservators. Durable powers of attorney are documents drafted to continue protecting an individual even when they become permanently incapacitated.
While basic financial or medical powers of attorney may lose their efficacy in a scenario involving permanent incapacitation, durable documents do not. People can effectively designate someone who they trust to manage their affairs when they become incapable of acting on their own behalf.
People can reduce incentives to seek authority
People may worry that those seeking a conservatorship could have ulterior motives. Specifically, they may fear the possibility of others trying to gain control over their assets.
The preemptive creation of a trust is one way to eliminate potentially abusive motives for pursuing conservatorship. Individuals who transfer key resources to a trust can prevent those assets from being vulnerable if they become permanently incapacitated.
Changing ownership can also help achieve the same goal. Making early gifts to certain loved ones or adding co-owners to high-value assets can reduce the likelihood of people seeking conservatorship for personal enrichment rather than the protection of the vulnerable person.
Making an effort to establish powers of attorney before health issues worsen can provide testators with lasting protection and peace of mind. The addition of the right documents to an estate plan can protect people from those who may not have their best interests at heart.