For many people, estate planning is synonymous with advance planning for death. However, estate plans can include a variety of documents that take effect while they are still alive. An estate plan can include advance medical directives that declare someone’s preferences regarding their healthcare in an emergency. It can include a trust that the testator funds immediately to protect certain assets.
The testator can also draft documents that give others the authority to manage their affairs while they are alive but unable to take care of themselves. These documents can help in the event of an emergency, like a car crash or severe illness.
People also have the ability to implement plans that can protect them from long-term incapacity. Older adults facing cognitive decline or at risk of conditions like Alzheimer’s disease could end up subject to a guardianship.
How guardianship works
Many Florida guardianships are involuntary and based on the worries of people other than the vulnerable individual. A concerned party goes to court seeking authority over their finances or their day-to-day life.
Both professional caregivers and family members might request guardianship when there are concerns about an older adult’s ability to take care of themselves. While voluntary guardianship is an option in some circumstances, those already experiencing decline may not be able to act when the need arises. In some cases, proper advance planning can protect a vulnerable adult from an involuntary guardianship.
The right powers of attorney can last for life
Basic powers of attorney delegating medical or financial authority to another person lose their power when someone dies, recovers or becomes permanently incapacitated. Durable powers of attorney have legal authority until someone dies in most cases.
In a scenario where someone faces permanent incapacitation, basic powers of attorney might leave them vulnerable. Durable documents let them name someone to hold the same authority that a guardian typically would.
They can choose the agent or attorney-in-fact who may pay their bills, provide for their daily needs and make their healthcare choices. Particularly as people prepare for retirement, planning to protect against the possibility of incapacity is a wise decision. Older adults in Florida may need to expand or revise their estate plans so that they have durable powers of attorney that ensure the right person can assume authority as their agent.
Adding durable powers of attorney to a Florida estate plan can be beneficial for those worried about their vulnerability as they age. Durable documents provide lasting protection against the uncertainties of life and the risk of an involuntary guardianship.
