Estate planning is not exclusively confined to monetary matters. When you talk to an estate planning attorney about the realities that we all face, you will be reminded about the period of time that may precede your passing. Think about it logically. You are probably not going to be healthy one day, and dead the next. If you are fortunate enough to live a normal life span, you may well go through a period of incapacity before you pass away. This possibility is something to prepare for in … [Read more...]
Are You Unconcerned About Incapacity Planning?
Many people are unconcerned about the matter of incapacity planning because they feel as though it is unlikely that they will ever be in a position where they are not able to make their own decisions. Admittedly, this is not a very pleasant subject to consider, and when you are perfectly healthy and in full control of your faculties it can be hard to imagine a future point in time when you would be unable to take care of everything on your own. In truth you would do well to understand the … [Read more...]
What Is a Power of Attorney in Hartford Connecticut?
In the legal field there are binding documents that are utilized to accomplish various different aims. One of them is the power of attorney. These legal devices are used within the elder law and estate planning niche to account for the possibility of incapacity. Empowering a Representative When you execute a power of attorney you are the grantor or principal. As the grantor you name someone that you would like to empower to act as your representative in a legally binding manner. This … [Read more...]
What Is a Guardianship or Conservatorship?
With your estate plan you arrange for the distribution of your monetary resources after you die. However, a comprehensive estate plan should address the period of time that will precede your death. Many people go through a period of incapacity late in their lives. If you do nothing to prepare for this possibility, guardianship or conservatorship hearings could take place. Court Appointed Representative The terms guardian and conservator are both used to describe someone who would be appointed … [Read more...]
Who Can Act as an Agent Under a Power of Attorney?
When you are planning ahead for the future you have to consider the eventualities of aging. As a senior citizen you may become unable to handle all of your own affairs. You can name someone to act on your behalf in the event of your incapacitation by executing a certain type of power of attorney called a durable power of attorney. Durable powers of attorney remain in effect even if you become incapacitated. The Anatomy of a Durable Power of Attorney A durable power of attorney essentially … [Read more...]
Incapacity Planning in Connecticut: What Is a Living Will?
The process of estate planning should extend beyond the distribution of financial assets. Before you expire there may be an interim during which you are incapacitated. You may be unable to make and communicate your own decisions at that time. Is this a pleasant proposition to consider? Of course not, but it is a stark reality. Burying your head in the sand while you hope for the best is really not a very responsible approach. Incapacity planning is part of the equation when you want to become … [Read more...]
Hartford Connecticut Incapacity Planning: What Is the Nomination of a Guardian?
Incapacity planning is an important part of a comprehensive estate plan. People often equate estate planning to the transfer of financial assets, but there is more to it than that. If you think about it logically, people do not ordinarily pass away while they are still fully capable. A significant percentage of individuals become unable to make their own decisions for a period of time before they pass away. There are various different causes of incapacity, but one very ubiquitous cause is … [Read more...]
Intelligent Incapacity Planning To Avoid Guardianships
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 … [Read more...]
Have You Considered Possible Incapacity?
Comprehensive planning is the key to being prepared for any and all eventualities as you enter different phases of your life. Just keeping your fingers crossed with your head stuck in the sand is clearly not a very intelligent course of action, but unfortunately far too many people go this route. The average lifespan in the United States is around 78 years, and in fact the segment of the population that is 85 years of age and up is the fastest-growing group among us. So the reality is that … [Read more...]
Incapacity Planning: Be Proactive
Mention of the term estate planning conjures images of the preparation of financial assets for eventual transfer to your family members after you pass away. This is of course important, but these days people who are interested in estate planning are encouraged to see a larger, more comprehensive, and holistic picture. There are many different eventualities that go along with reaching an advanced age, and it is a good idea to be prepared for any and all contingencies that may come your way at … [Read more...]
