People have a variety of different motives for estate planning. For some, the primary concern is the protection of their family members. For others, leaving a meaningful legacy is their most important goal. They may want to provide resources for specific beneficiaries or a charitable cause.
Estate plans can also provide protection to adults as they become more vulnerable. Those struggling with major health challenges or decline related to age sometimes lose control over their daily lives. Family members, caregivers or even professionals might request guardianship or conservatorship over them.
Is it possible to establish an estate plan that protects someone from guardianship or conservatorship?
The right documents can make guardianship unnecessary
Guardianship refers to a scenario in which the courts grant one adult control over the daily life of another. A guardian has an obligation to act in the best interests of their ward and to provide for their basic needs. Conservatorship, on the other hand, grants another person authority over a vulnerable individual’s assets.
Both guardianship and conservatorship can be beneficial for those in challenging scenarios, but many people do not want whoever requests it to secure authority over their lives or their resources. They can avoid a guardianship scenario with the right additions to their estate plan.
Powers of attorney are documents that authorize one person to handle the affairs of another if the principal drafting the documents becomes incapacitated. People can use powers of attorney to delegate financial or medical authority to someone they trust. If the concern is about the risk of long-term or permanent incapacitation, they may want to create durable powers of attorney.
Durable documents retain their authority even when the principal who drafted them becomes permanently incapacitated. Someone who might otherwise be at risk of an involuntary guardianship or conservatorship has protection if they established durable powers of attorney before their decline. The person they nominated can take over their finances or handle their medical needs.
Adding powers of attorney to an estate plan can be beneficial even for those hoping to enjoy good health as they age. A robust estate plan protects people – in specific ways – from a variety of difficult circumstances, including vulnerability due to age, injury or illness.