How can an estate plan prevent a guardianship or conservatorship proceeding?
An estate plan uses several tools that can prevent the court from gaining jurisdiction over your affairs. A Living Will or Directive to Physicians authorizes someone to determine if artificial life support systems are to be used or withheld. Without this, the family may have to go to court to get the authority to “pull the plug.” A Durable Power of Attorney for Health Care authorizes a person, in whom you have the utmost trust and confidence, to make decisions regarding health care treatment when you are unable to provide informed consent. A Durable Power of Attorney for Property enables you to authorize a person to act in your place and stead in case of your incapacity; this attorney-in-fact can manage your financial affairs without the need to have intervention by the courts. Many institutions will not accept Powers of Attorney. That means you need to have a back up plan. A trust holds property; the Trustee manages the trust property according to the terms of the trust. If you become
If you should become unable to handle your financial affairs, family members or social service agencies might petition a court to appoint a conservator for your assets, an expensive proceeding which may result in someone you never picked being put in charge of your property. An estate plan can avoid the need for such a proceeding by the use of one or more of these tools: • A Living Will or Directive to Physicians contains your instructions as to whether artificial life support systems are to be used or withheld. • A Durable Power of Attorney for Property enables you to authorize a person to act in your place in the event of your incapacity; this “attorney-in-fact” can manage your financial affairs without the need to have intervention by the courts. • A Trust or Family Limited Partnership may be used to hold property; the Trustees or Partners manage the property held by either of these entities. • Both the Trust and the Family Limited Partnership continue to manage the property even if
