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What is a conservatorship?
In some cases, an adult will become unable to handle their affairs due to cognitive impairment or a devastating physical medical condition. Under these circumstances, the state can be petitioned to appoint a conservator to act as the representative of an incapacitated adult.
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Most people are unpleasantly surprised when they discover the answer to this question. The Alzheimer’s Association is one of the best sources of information about this horrible disease, and they have many useful facts and figures on their website.
They have found that over 6 million Americans have Alzheimer’s disease, and about 30 percent of individuals that are 85 years of age and older have contracted the disease.
There is an aging of the population underway because of the maturation of the baby boomer generation. As a result, there will be 13 million people living with Alzheimer’s disease by 2050 according to experts.
Alzheimer’s is not the only cause of dementia, and as we have stated, there are those that cannot handle their own affairs because of physical medical conditions.
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In a general sense, wouldn’t you want to choose the individual that will act on your behalf if it ever becomes necessary? The person that makes the most sense to the court may not be the individual that you would have chosen yourself.
Plus, everyone in your family may not be in total agreement about the best way to proceed. This can cause disagreements during a difficult time when family members will ideally be coming together to support one another.
There is also the intrusion by an outside authority that assumes control of decisions that you really should make for yourself.
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If you explore your options with an estate planning attorney, you may find a revocable living trust is the ideal choice to serve as an estate plan centerpiece. You would act as the trustee while you are alive and well, so you would maintain total control of the assets.
There are a number of benefits that you gain when you use a living trust instead of a simple will, and one of them is the avoidance of probate. This is a costly and time-consuming legal process that takes place under the supervision of a court.
You can also include spendthrift protections we have a living trust, and you do not have to provide lump sum inheritances to the beneficiaries.
Another major advantage is the ability to prepare for possible incapacity. When you are drawing up the trust declaration, you could name a disability trustee to manage the trust if it ever becomes necessary.
This can be the same individual or entity that will act as the trustee after your passing, but this is not an absolute requirement.
For property that is not held by a trust, you could name an agent to act for you in a durable power of attorney. The “durable” designation is operative, because this type of power of attorney would remain in effect in the event of your incapacity.
When these documents are in place, there would be no reason for the court to appoint a conservator to manage your affairs.
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You can use documents called advance directives for health care to cover this base. A living will is used to state your preferences regarding the use of life-support measures like resuscitation, ventilation, and artificial hydration and nutrition.
Decision-making scenarios can arise that are not related to life-support utilization. To prepare for this possibility, you can name a representative in a durable power of attorney for health care.
There is another important detail to keep in mind. You have to include a HIPAA release to give your agent the ability to access your medical information.
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Schedule a Consultation Today!
We are here to help if you are ready to work with a Los Angeles estate planning lawyer to put a custom crafted plan in place. You can set up a consultation appointment right now if you call us at 310-337-7696.
There is also a contact form on this site you can use to send us a message, if you reach out electronically, you will receive a prompt response.
