(513) 916-1600Have you thought about what would happen if you or a loved one were to become disabled? It’s essential to have a plan of action in place for such circumstances, that includes guardianship and conservatorship. In 2017, approximately 41 million family caregivers in the United States provided an estimated 34 billion hours of care to an adult with limitations in daily activities.
Guardianship and conservatorship are legal terms that refer to the appointment of a person to manage the affairs of someone who is unable to do so for themselves. This can be due to a mental or physical disability, or simply because they are too old or infirm to handle their own affairs.
Benefits of Planning for Incapacity
There are many benefits to planning for incapacity. By creating a guardianship and conservatorship plan, you can ensure that your wishes are carried out and that your assets are protected in the event that you become unable to manage them yourself.
Some of the benefits of planning for incapacity include:
- Peace of mind knowing that your affairs will be handled according to your wishes
- Protection of your assets from being squandered or misused
- Avoidance of costly and time-consuming court proceedings
- Continuity of care and support
If you are concerned about what would happen to you or a loved one if you were to become incapacitated, it is important to plan ahead and create a guardianship and conservatorship plan. This plan will ensure that your wishes are carried out and that your assets are protected in the event that you become unable to manage them yourself.
Types of Guardianship
There are two types of guardianship: guardianship of the person and guardianship of the estate. Guardianship of the person involves making decisions about the person’s daily life, such as where they live, whom they see, and what medical care they receive. Guardianship of the estate involves managing the person’s finances, such as paying bills, investing money, and selling assets.
Depending on your particular situation, incapacity planning could include several techniques to spell out your decisions regarding everything from paying your bills to making critical medical decisions:
1. Durable Power of Attorney for Financial Matters:
A Durable Power of Attorney for financial matters is a crucial legal document that empowers you to appoint a trusted individual to manage your financial affairs on your behalf in case you become incapacitated or unable to handle them yourself. With this legal tool in place, you can ensure that your chosen guardian will have the authority to make important financial decisions, manage your assets, pay bills, and handle other financial matters, effectively safeguarding your estate and financial interests. Creating a Durable Power of Attorney can help you avoid costly and time-consuming guardianship proceedings, giving you peace of mind that your financial affairs are in capable hands.
2. Durable Power of Attorney for Healthcare:
A Durable Power of Attorney for healthcare is an essential component of guardianship planning, allowing you to designate someone you trust to make critical medical decisions on your behalf if you become incapacitated and unable to make them yourself. This legal document grants your chosen guardian the authority to advocate for your healthcare preferences, communicate with healthcare providers, and make informed decisions about medical treatments and interventions. By establishing a Durable Power of Attorney for healthcare, you can ensure that your wishes are honored, and your healthcare needs are taken care of according to your personal preferences and values.
3. Living Will:
A Living Will is a vital part of guardianship planning that allows you to express your medical treatment preferences and end-of-life decisions in advance. This legally binding document outlines the medical interventions you wish to receive or avoid in specific circumstances, ensuring that your healthcare choices are respected even if you are unable to communicate them at the time. With a Living Will in place, you can provide your loved ones and healthcare providers with clear guidance, easing the burden of difficult decisions during emotionally challenging times. This comprehensive document ensures that your wishes for medical care are upheld, granting you the peace of mind that your guardianship preferences are honored throughout any health-related challenges.
Contact Us for Guidance on Guardianship and Conservatorship
It is important to create a guardianship and conservatorship plan as soon as possible, even if you are not currently experiencing any health problems. This is because the process of appointing a guardian and conservator can be time-consuming, and you may not be able to do so if you become incapacitated.
To learn more about guardianship and conservatorship, or to schedule a consultation with an attorney, please contact us today.
