Many estate plans focus primarily on what happens after a testator dies. The best estate plans also include documents that address challenging situations which can occur throughout a person’s life.
People who sustain major injuries or who experience cognitive decline as they age are potentially vulnerable to the loss of legal autonomy. Another adult could ask for a court-awarded guardianship that gives them authority to manage a person’s daily life and major decisions. An estate plan created before medical emergencies arise can help people to avoid an involuntary guardianship imposed by the court.
People can choose who provides emergency support
Adults have legal authority over their own affairs, including the ability to choose someone they trust to step in if an emergency occurs. If drafted and executed correctly while the principal still has the ability to understand, powers of attorney can authorize another person to handle financial matters on behalf of someone who cannot do so.
However, poorly drafted powers of attorney might lose their legal authority if a person becomes permanently incapacitated. Durable powers of attorney can continue to protect people even if they become permanently incapacitated.
With durable documents in place, people can nominate a trusted individual to act as their agent or attorney-in-fact. The creation of durable powers of attorney can protect people from scenarios in which those with ulterior motives pursue authority when they become incapacitated.
Expanding an estate plan to address issues that arise in emergency scenarios and later in life can be beneficial. An estate planning attorney can help people identify where they may have legal vulnerability and craft documents which minimize their legal risk. People who need to draft or expand their estate plans can schedule a consultation with Wolf, Baldwin & Associates, P.C. by calling 610-638-6982 or clicking here to learn more. Don’t wait until it’s too late. We provide peace of mind.