When the idea of estate planning comes up, a will or trust are normally the documents that come to mind. However, a truly comprehensive estate plan involves much more than a plan for what happens to the individual after he or she dies. Other considerations need to be made, such as what happens if the individual becomes incapacitated and no longer has the ability to make decisions for himself or herself? Say someone has a will or a trust but no power of attorney document. He or she is involved in a car accident and, because of severe injuries sustained during the accident, that person no longer can safely make decisions for himself or herself. What happens to this person? Who will act for him or her?
If he or she has a power of attorney prepared, that decision is already handled. A power of attorney document covers two different aspects of a person’s life: the legal/financial and the health and wellness. A Durable Power of Attorney designates who will make legal and financial decisions for the person covered in the document during that person’s lifetime. A healthcare power of attorney designates who will make important medical decisions for the covered individual. Both of these documents are extremely important and can save that person’s loved ones a great deal of stress and heartache. It also gives the individual peace of mind knowing that someone he or she trusts will be able to make important decisions regarding his or her health, finances and welfare.
In the alternative, if no power of attorney document exists and an individual is in a situation where he or she is no longer able to make informed and sound decisions, a conservatorship and/or guardianship will be needed. However, this process is much more complicated, can be costly and requires court intervention. Following filing a petition for conservatorship or guardianship, the probate court will appoint a guardian ad litem, who will investigate the situation and will interview the protected individual. That person then gives his or her recommendations to the court in a hearing before a guardian or conservator is appointed. All of this can be avoided with the completion of a power of attorney. The cost to prepare one is minimal, and the peace of mind it brings can be priceless.
If you have questions regarding preparing your estate plan, contact Sullivan Law Offices at 248-800-4321 or email at asullivan@sullivanlawonline.com. Schedule your free consultation today!