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. 26. 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. 27. Should I have a Durable Power of Attorney? Yes. 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 (check relevant state law to see what is allowed). 28. What are the advant
A. There are several. One is 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.
