PLANNING FOR INCAPACITY
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Guardianship and Planning for Incapacity
Ever wonder what happens when a person becomes incapacitated or unable to make medical and financial decisions for him/herself? In such a case a person has to be appointed, often on an emergency basis, to act as legal guardian. You know what that means, right? Having to drop everything to hire a lawyer to quickly allow medical and financial decisions to be made.
The financial and emotional cost of incapacity can be largely avoided through the use of Powers of Attorney and Designation of Healthcare Surrogates which are all part of our estate planning experience. With these two documents in place, as well as with a Living Will, your designated person(s) can quickly take over your financial affairs and make medical decisions on your behalf without having to quickly hire a lawyer and having to make an emergency filing. Your designated person will ensure that things go smoothly as you directed. Naturally these documents should not be entered into without advice of trusted counsel.
What is Legal Guardianship?
Legal guardianship is a court-approved relationship in which a responsible adult is given the legal authority to care for and make decisions on behalf of another person, known as the ward. This is typically necessary when the ward is a minor without capable parents or an adult who is unable to manage their own affairs due to disability or incapacity.
Why it's Important
Guardianship ensures that vulnerable individuals receive proper care, protection, and decision- making support. It can apply to financial, medical, and personal matters, depending on the court’s ruling. Because guardianship can significantly impact a person’s rights, courts consider it carefully and often seek the least restrictive alternative. That is where proper estate planning come into play.
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