Disability Planning
We talk a lot about "Estate Planning", but one of the most important legal issues to plan for is disability. When you are no longer able to take care of yourself or to take care of your financial affairs, who is going to do it for you? This is something that you shouldn't leave to chance.
In Kentucky, if no arrangements are made for a disabled adult, the court may appoint a guardian or conservator for you. This usually involves examination and evaluations by healthcare professionals, followed by a jury trial to determine the person's competency. The person appointed to be your guardian, or conservator might not be your first choice. In some cases, the process may be distressing to the person.
In many cases, that process can be avoided by the execution of a good "Power of Attorney".
Under a Power of Attorney, a "Grantor" appoints an agent (or "Attorney-in-Fact") who is empowered to conduct business for the Grantor. Under a general Power of Attorney, the Attorney-in-Fact can do virtually anything that the Grantor could legally do for himself. An Attorney-in-Fact could, for example, pay bills and obligations, deposit money, retain professionals for the Grantor, sue someone in court on behalf of the Grantor, defend a lawsuit for the Grantor, apply for benefits, etc.
The Attorney-in-fact can also help with medical and healthcare issues. My office usually prepares a special "Healthcare Power of Attorney" to address these special issues. This person could help the grantor get to the Doctor's office, communicate with doctors and healthcare professionals, have access to medical records, and help with medical bills and insurance.
Another document that could help you to prepare for disability is a Revocable Living Trust. In the Trust the Grantor will name a "Successor Trustee". If the Grantor becomes disabled, the Successor Trustee could step up immediately and continue to administer the Trust and manage its assets. In this way, there is minimal interruption in the support and maintenance of the Grantor.
As we age, we have to start thinking about what will happen to us in cases of dementia, senility, or physical disability. Proper Estate Planning includes preparing oneself for such possibilities.
If you are interested in starting the process of Estate Planning, getting a Power of Attorney or Revocable Living Trust drafted, or just talking about these issues, you can give me a call at 502-896-4529, and I'd be happy to help you.
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