Peace of Mind in Estate Planning is Possible
Even for Fearful Seniors - Part 3

More Information About Estate Planning for Seniors

Avoiding Conservatorship

As we age, serious disability is an increasing likelihood. Thats why you should probably plan in advance to have your personal care and financial affairs managed, as you would want should you become disabled. If not, you could find yourself the focus of a Conservatorship proceeding, known in some jurisdictions as a Guardianship. In a humiliating public trial in probate court, youll be declared legally incompetent and a court-appointed guardian will be granted authority over your care. In some instances, your financial affairs will be managed by one person, while someone else will make decisions regarding your personal care. If the humiliation isnt reason enough to avoid conservatorship, then this should be: the courts have wide discretion regarding who they assign responsibility for your care. There are no guarantees that your court-appointed conservatorship will be someone of your choosing, or for that matter, even someone you know. Many conservators are professionals who receive payment for this service. And guess who foots the bill for the court costs and the conservator fees? You do.

Some consumers attempt to control their fates with tools such as a Property Power of Attorney. But these dont afford consumers with the greatest possible degree of protection. In contrast, estate planning options such as the Revocable Living Trust coupled with a Durable Power of Attorney for Health Care give consumers a much greater ability to control their health care and financial affairs in the event of incapacity.

How to Ensure You Have Covered the Basics

One thing should be clear by now: we do our families and ourselves a great disservice when we fail to plan for every contingency. Thats why a crucial first step in this entire process should be a consultation with an estate planning attorney. He or she will help you evaluate your familys needs and financial situation, and will draft a comprehensive estate plan that may include such tools as a Durable Power of Attorney for Health Care and Revocable Living Trust. In addition, your estate planning attorney will show you how to reduce or eliminate estate taxes and how to ensure that after your death your estate will go to whom you want, when you want and how you want without the expense, delay or publicity of probate. Of course, confronting your own mortality is a process that makes most people uneasy; but thats nothing compared to the anguish that often befalls the families of those who make no plans at all. So, even though the process can often be emotionally challenging in the beginning, the payoff in peace of mind for both you and your family will make it worth your while.

Charles Benninghoff

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