As people grow older, they may face several predictable medical challenges. Many people experience a slow reduction in bone density and overall strength. Memory issues and other cognitive challenges also have a strong association with advanced age.
Eventually, concerned family members or even professional caregivers may intervene by seeking guardianship. They can ask the courts for the authority to handle financial and legal matters on behalf of a vulnerable older adult.
Many people dislike the idea of having their daily affairs, finances and medical choices managed by an outside party without their input. Thankfully, there is an estate planning solution that can help people avoid guardianship as they age.
Powers of attorney are not just for short-term emergencies
Adults can designate health care proxies to act on their behalf if they become temporarily incapacitated. The person they select can access their medical records and make choices about their care until their condition improves.
People can also draft financial power of attorney documents empowering someone they trust to pay their bills or manage their business. Such arrangements protect people from hardship in scenarios where they are unconscious, cognitively compromised or unable to communicate with others.
However, traditional powers of attorney typically lose their authority when an individual becomes permanently incapacitated. They also no longer have the legal authority necessary to draft new estate planning documents. Their inability to act on their own behalf could lead to outside parties pursing guardianship.
Adult guardianship is typically only an option in cases involving long-term incapacitation. Standard powers of attorney do not offer adequate protection in such scenarios. Therefore, people need to draft different documents to protect themselves from guardianship requests in the future.
Durable powers of attorney include special language to help them last longer. They remain enforceable even when the principal who drafted the documents becomes permanently incapacitated. Durable powers of attorney can effectively allow older adults to select the person who holds the same authority a guardian might after going to court.
Adding the right documents to an estate plan can protect people from a broad assortment of challenging circumstances. Durable powers of attorney are important inclusions in estate plans for those nearing retirement, as well as those with pressing medical issues.