Plan for your incompetence

If there is a fear of wiping out the fear of our death, I say that there is a fear that it will be incompetent for many people. I am no longer able to make a competent decision for myself or to point to the people around him I can not convey my personal choice, need, or hope. We all appreciate the inevitability of death and the wise people plan for such events by preparing real estate plans such as will and trust. But who is our consideration for the possibility that our health condition will deteriorate and we can no longer manage our own work? In that regard, let's consider only a few statistics.

Currently, about 5 million Americans are diagnosed with Alzheimer's disease. A person over 65 is suffering from 1 in 9 people. We also consider that a stroke is currently the leading cause of long-term disability in this country and nearly one-third of those hospitalized due to stroke are under 65 years of age. The prospect that it is not impossible is at least a considerable number of us not impossible. We may not be able to avoid such output, but we have the option of planning our incompetence. Even with a modest plan, we can guarantee that our hopes will continue to be appreciated even after we can no longer clarify them, loved ones no longer manageable When they themselves.

So, if you become incompetent, are you worried about losing control? If so, which aspects of such control loss are most concerned? Such questions, along with trusted friends and counsels, how to decide how to handle your own incompetence, and in such cases to trust you in charge of your affairs It may lead to exploring. From there, you can start designing your own personalized "incompetence plan". Such a plan consists of preparing general durability. A power of attorney (POA) is a document that you appoint as a proxy as another agent (or lawyer) as a proxy for another person as a principal. Investment management etc.

The POA can be activated from the signed moment. It will only be effective in future events such as the declaration that the POA stops functioning. The latter type of document is sometimes called "jumping power" as a lawyer. The attorney letter of lawyers says that they are durable in that they have been valid for years even after they have declared incompetent, even though many years have elapsed since the document was written. You can also fine-tune POAs as you care. If the primary option is not available, it can serve its role by specifying a single agent or multiple agents, or a list of single agents and successor agents.

A more elaborate form of incompetence plan is a revocable living trust contract. In a trust agreement, a trust company (called "settlers") appoints trustees (quite frequently the settlers themselves) to handle the affairs and finances of settlers. Unlike POA, trust contracts are still valid after settlers' death. In that sense, the trust agreement plays a double responsibility as both real estate planning technology and incompetence planning tool. In addition to appointing a trustee or successor to handle a single task, a trust contract can define situations where a trustee is considered incompetent. For example, Settler can declare in his contract that the spouse and / or the attending physician declares him impotential and that the successor is authorized to dominate the spouse's finances.

If you do not have your own designed incompetence plan, your loved one must deal with your own obstacles. They declare you incompetence and ask the court to ask parents or maintainers appointed for you. If that happens you may not have the authority to choose your own trustee. Also, I can not instruct that person about what I want to do about your job during the period of your absence. Your physical disability may not be familiar to you and will most likely be managed according to statutory provisions with little nuance you would have wanted as long as your care is concerned .

A good news is that you can plan such an event because it is uncomfortable to contemplate the possibility of losing your own responsibility. You can write a script you want after a person accused of dealing with your incompetence. If you lose the ability to make competent choices for yourself, you can leave a detailed explanation on how to deal with financial and administrative work. Instead of planning your own incompetence, in regards to what you think you wanted in such a situation, you are in danger of having a judge who knows nothing about you appointing a person who is ignorant I will.

© May 16, 2005 Hunt & Associates, PC All rights reserved.

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