| A guardianship question:
CLIENT QUESTION:
The answer may be simple but this is something we have wondered. We’ve heard that one of the reasons for getting a REVOCABLE LIVING TRUST is that it protects you from a guardianship proceeding. If you have appropriate DURABLE POWER OF ATTORNEY documents along with your trust, why is guardianship a concern? Thank you.
MY RESPONSE:
If all we are talking about is managing your finances, then having a Revocable Living Trust and a Durable Power of Attorney in place will normally PREVENT the need for going to court to get a legal guardianship. However, not all decisions that have to be made involve finances. Medical decision-making is not covered in these financial documents but can be covered in a guardianship. If you also have a valid HEALTH CARE PROXY and LIVING WILL in place, then a guardianship may be completely avoided. Occasionally, some controversy may make a guardianship necessary even with all these documents, but for the most part, if you have all of these documents in place, then you have done as much as you can do to avoid a guardianship.
What is so terrible about a guardianship you may ask?
Nothing, unless you want to spend a lot of money and time on lawyers and courts. Avoid it if you can and get all your documents in place.
I hope this helps. |
