Planning for potential future incapacity is an important step for families who want to avoid the need for court-appointed guardians or conservators. Taking proactive steps can ensure that loved ones can make decisions without the court’s involvement.
Understanding the tools available can help families create a solid plan for the future.
Create a durable power of attorney
One effective way to plan for future incapacity is by creating a durable power of attorney. A durable power of attorney allows an individual, called the principal, to name someone they trust to manage their financial affairs if they become unable to do so. In Maryland, this document remains in effect even if the principal becomes incapacitated, which can prevent the need for a court-appointed guardian.
Establish an advance medical directive
Another key document for planning ahead is an advance medical directive. This document allows individuals to state their wishes for medical care if they become unable to communicate their decisions. It also allows them to name a healthcare agent to make decisions on their behalf. Having an advance medical directive can ensure that medical decisions are made according to the person’s wishes, reducing the need for court intervention.
Set up a living trust
A living trust can also help avoid the need for court-appointed conservators. By placing assets in a living trust, the individual (known as the grantor) can name a trustee to manage those assets if they become incapacitated. This ensures that financial matters are handled smoothly without the need for court approval. Living trusts are commonly used to manage assets both during the grantor’s life and after death.
Taking proactive steps for peace of mind
Planning for future incapacity can help families avoid the stress and uncertainty of court-appointed guardianship. By using these tools, families can ensure their loved ones are prepared to manage financial and medical decisions if needed.