Action Required in Light of Widespread Dementia
June 4, 2012 By Law Office of Roy W. Litherland
It can be challenging to wrap your head around the possibility that a time may come when you may be in a much different mental and physical state than you are at present. Different stages of life bring certain eventualities along with them, and it is far easier to face them if you are properly prepared.
With the above in mind, incapacity planning should be a part of any holistic, comprehensive plan for aging. This typically involves the execution of legal instruments called durable powers of attorney.
Because of the "durable" designation, these documents remain in effect even after the grantor becomes incapacitated. People will generally execute two different durable powers of attorney, with one naming a representative to make decisions of a financial nature and the other empowering a medical decision-maker.
It should also be noted that if you were to use a revocable living trust rather than a last will to direct the transfer of assets after you pass away, you could add an incapacity component by naming a disability trustee. This individual would handle the resources in the trust in the event of your incapacitation.
People who plan ahead for all the eventualities of aging can go forward with a certain sense of peace of mind. You may be able to make your own decisions throughout your life, but it is better to be safe than to enter into the unknown totally unprepared.
If you see the logic in the above, take action right now to arrange for a consultation with a licensed and experienced San Jose CA estate planning lawyer.
ABOUT THE AUTHOR: Roy Litherland
Experienced estate planning attorneys Campbell CA of the Law Office of Roy W. Litherland offers estate planning and business planning resources to residents of Campbell CA.
Copyright Law Office of Roy W. Litherland
More information about Law Office of Roy W. Litherland
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
Because of the "durable" designation, these documents remain in effect even after the grantor becomes incapacitated. People will generally execute two different durable powers of attorney, with one naming a representative to make decisions of a financial nature and the other empowering a medical decision-maker.
It should also be noted that if you were to use a revocable living trust rather than a last will to direct the transfer of assets after you pass away, you could add an incapacity component by naming a disability trustee. This individual would handle the resources in the trust in the event of your incapacitation.
People who plan ahead for all the eventualities of aging can go forward with a certain sense of peace of mind. You may be able to make your own decisions throughout your life, but it is better to be safe than to enter into the unknown totally unprepared.
If you see the logic in the above, take action right now to arrange for a consultation with a licensed and experienced San Jose CA estate planning lawyer.
ABOUT THE AUTHOR: Roy Litherland
Experienced estate planning attorneys Campbell CA of the Law Office of Roy W. Litherland offers estate planning and business planning resources to residents of Campbell CA.
Copyright Law Office of Roy W. Litherland
More information about Law Office of Roy W. Litherland
View all articles published by Law Office of Roy W. Litherland
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
