Are there alternatives for managing property when a person becomes incapacitated?
There are several. One is using a durable power of attorney. Another is a court-supervised proceeding referred to as a guardianship or conservatorship. Another alternative is the use of a living trust where assets are funded into the living trust. 24. What makes a durable power of attorney durable? A durable power of attorney remains effective even if you become incapacitated. Generally, unless the power specifically indicates it is durable, it is not durable and will terminate upon your incapacity. 25. Should I have a durable power of attorney? Absolutely! The durable power of attorney for property is often used in conjunction with a trust to enable your agent to transfer your assets into your trust in the event you become disabled. A durable power of attorney can be made effective immediately upon being signed or can become effective at the time of your incapacity, which is also called a “springing” power of attorney. 26. What are the advantages of a durable power of attorney for pro
A. There are several. One a court-supervised proceeding referred to as a guardianship or conservatorship. This is not an appealing option to most people. The best alternative is the use of a living trust where assets are funded into the living trust. However, a power of attorney is still essential even if you have a living trust. • 29. What is a guardianship or conservatorship? A. This is a court supervised proceeding which names an individual or entity to manage the affairs of an incapacitated person. A guardianship may also include the duty to care for the incapacitated person. • 30. What are the disadvantages and advantages of a guardianship? A. A primary disadvantage to a guardianship is that it is a public proceeding, thereby exposing the incapacitated individual to embarrassment as the details of their incapacity are discussed at length. It is also expensive, and is a restrictive procedure. In addition, there is no guarantee that the end result will be in accordance with the inca
A. Yes. Assets in a Living Trust may be managed by your chosen successor Trustee. Or, a Durable Power of Attorney can be used. Another is a guardianship or conservatorship whereby a guardian or conservator is given the power to make personal decisions for another. This usually requires the filing of a petition. Q. What is a Health Care Power of Attorney? A. With a Durable Health Care Power of Attorney you can name a person of your choice to make a broad range of decisions for you. These decisions cover everything to do with medical matters, such as selecting doctors, hospitals, treatments, procedures, or medications. You also need a HIPAA Authorization to allow your loved ones to talk to your physicians and obtain your medical records if necessary. Q. Ive heard about a Living Trust. What is it? A. A Living Trust is a legal document which provides for the distribution of your assets after you pass away similar to that of a Will. However, the Living Trust also has various other advantage
A. There are several. One a court-supervised proceeding referred to as a guardianship or conservatorship. This is not an appealing option to most people. The best alternative is the use of a living trust where assets are funded into the living trust. However, a power of attorney is still essential even if you have a living trust.
