How to Plan for Mental Disability
What is Guardianship or Conservatorship?
Guardianship, or conservatorship as it's called in some states, is the legal proceeding in a state court where a person, called the Guardian or Conservator, is appointed to exercise some or all of the legal rights of the incapacitated person, called the Ward.
How to Avoid Guardianship or Conservatorship
There are a variety of ways to avoid having you and your assets placed in a court-supervised guardianship or conservatorship if you become mentally incapacitated. Some will work in certain situations but not in others.
How Much Does Guardianship or Conservatorship Cost?
Once a person has been determined to be mentally incapacitated and the court establishes a guardianship or conservatorship, various fees and costs will be incurred on behalf of the ward. In fact, guardianship or conservatorship is a costly business.
What Happens if You Don't Have a Disability Plan?
Planning for mental disability to avoid guardianship or conservatorship should be an integral part of every estate plan. There are two important aspects of mental disability planning: deciding who will take care of your personal well being and deciding who will take care of your finances.
What Does a Disability Trustee Do During Incapacity?
In setting up your Revocable Living Trust, you'll be asked to name a Disability Trustee to administer your trust in the event you become mentally incapacitated. Learn what a Disability Trustee is required to do when administering your trust during your incapacity.
How to Choose Your Successor Trustees
Serving as the successor Trustee of a Revocable Living Trust, whether due to the Trustmaker's disability or death, is a huge responsibility and time consuming burden, but with the help of your estate planning attorney you should be able to choose the right person or institution for the job. Here are the qualities you should look for in your successor Trustee.
How to Choose Attorneys in Fact for Your Power of Attorney
In setting up your estate plan, you'll be asked to name a number of fiduciaries to act on your behalf in various situations. One such fiduciary will be your "attorney in fact" named in your Power of Attorney. In addition to selecting your first choice, you should also name one or more backups just in case your first choice isn't available to serve.