People are routinely living into their mid-80s and beyond during our current era, and when you reach such an advanced age it becomes quite possible that you could lose your ability to make sound medical and financial decisions.
One of the biggest threats that exists along these lines would be Alzheimer’s disease. About four out of every ten elders 85 years of age and older are suffering from this scourge on our nation’s seniors, and of course Alzheimer’s causes dementia which can limit the ability of sufferers to handle their own affairs.
People who become unable to make their own decisions sometimes become subject to guardianship proceedings. If a guardianship is granted this guardian will act in your behalf, and you may not have any input into who the guardian will be.
Just about everyone would prefer to have decision-makers of their own choosing in place should they become unable to take care of their own responsibilities. In addition to this, even if the conservatordhip was to be a trusted family member guardianship proceedings are expensive.
You can avoid a guardianship through the proper planning. Some people will create a revocable living trust and name a disability trustee who would manage the assets in the trust should the grantor become incapacitated.
Incapacity planning also involves the execution of durable powers of attorney with which you appoint representatives to act in your behalf should you become unable to make sound medical and financial decisions.
Incapacity planning is an important component to any comprehensive plan for aging. If you are not currently prepared, now would be a good time to pick up the phone and arrange for a consultation with a good Hartford estate planning lawyer.