Estate planning often becomes a greater priority for people as they approach their golden years. People who procrastinated about drafting wills previously may finally sit down to think about the legacy they leave when they die and the support they may need as they age.
Estate plans can start small, with basic documents like wills. Some testators preparing for retirement may have already drafted wills to distribute their property among their loved ones and protect their dependents. They may simply need to update their documents and expand their plan to include additional documents.
One concern that many people preparing for their golden years have to face is the possibility of losing control of their lives. When an individual’s health and cognitive function change with age, other people might go to court seeking guardianship over them. If an older adult has not already done so, they may want to take steps to protect themselves from the loss of authority that comes with adult guardianship.
How can people more effectively avoid guardianship?
By designating someone to manage their affairs
No one ever knows what may happen to their health as they age. Many people retain their cognitive capabilities and physical health well into their retirement years. Others may develop medical issues that make them reliant on others for support.
Physically debilitating symptoms and conditions that cause cognitive decline can render people incapable of independently managing their daily lives. In such scenarios, family members, professional caregivers and other concerned parties could potentially go to court and ask for guardianship as a way to support an older adult.
However, not everyone who pursues guardianship necessarily has the best interests of a vulnerable person at heart. People preparing for retirement can ensure that the person managing their finances or otherwise overseeing their affairs is someone who wants what is best for them.
Drafting durable powers of attorney is a way to designate an agent or attorney-in-fact who can retain legal authority even if the party who drafted the documents becomes permanently incapacitated. They can perform the same essential functions as a guardian without needing probate proceedings to secure authority.
Durable powers of attorney can remain in effect until an individual’s condition improves or they die. Powers of attorney drafted without the necessary language to make them durable could lose their authority if the principal who drafted the documents becomes permanently incapacitated.
The need for durable powers of attorney is one of many elder law matters that people may need help addressing as they prepare for retirement. Reviewing and expanding an estate plan with the assistance of a skilled legal team can help people age with dignity while accessing the support they may need.