What can be done to plan for the management of my affairs in case of the disability or incapacity which often comes with advanced age?
If you should become disabled, life goes on. Bills (rent, mortgage, utilities) must be paid. Form 1040 must be filed. If you own a business, you may want it to carry on without you. Your property must be managed. One way to give someone else authority to manage your property is to put it into joint tenancy. This will give your co-owner the power to handle your property should you become disabled. In some cases (usually when a spouse is a joint tenant), this arrangement may be all you need to protect your property. Another method is to establish a revocable living trust, naming yourself and someone you trust as co-trustees. You transfer the assets that need managing to the trust, and give the co-trustee the powers over the assets you designate. For many people, a durable power of attorney (DPA) is the best protection against the consequences of becoming disabled. A DPA is a document in which one person (the principal) gives legal authority to another person (the agent) to act on the pri
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- What can be done to plan for the management of my affairs in case of the disability or incapacity which often comes with advanced age?
