Diminished Capacity Planning & Elder Care
Anticipate Future Needs
As we age, we rely more on family and friends for help with daily tasks and decisions. At a certain point, choices may need to be made as to who will pay the bills, manage the real estate and investments, and arrange for any needed care. Where will we live when we cannot continue living at home?
Have a Plan in Place
An effective estate plan answers these questions by appointing specific individuals to exercise legal powers on the client’s behalf. These powers are created in a number of important estate plan documents:
- A carefully designed durable power of attorney appoints a trusted agent or agents (such as adult children) to take over personal affairs and property management and to make certain financial transactions.
- A thoughtfully prepared living trust contains a mechanism for a new trustee to assume management of the residence and other assets placed within the trust.
- A California advance health care directive will permit the healthcare agent to make medical decisions for the client.
All three documents will express the client’s wishes as to the powers, limits, and restrictions that his or her agent will have in managing these decisions on the client’s behalf.
Frequently Asked Questions
- Why is a living trust so important?
- What does an estate plan consist of?
- When should I revisit my estate plan from many years ago?