What Will Happen If I Become Unable To Make My Own Decisions?

With guidance from professionals in our office, we can help you protect your assets for those you love and help the unexpected be a little easier on everyone.

A lot of people tell us estate planning is too expensive, it is hard plan for death or incapacity or they just don’t want to make the tough decisions about who will receive your assets.     What is more difficult, and hard for us to watch, are clients who wait until it is too late.  Although you might think “too late” is when they die, often that is not the case.  Once you become legally incapacitated, you are unable to create an estate plan.  Decisions as to your care and settling your estate are left to a District Court Judge who knows nothing about your family or your wishes.   Your estate is settled through a public probate court process that includes publication in the newspaper of your probate and a list of all your property filed in the public inventory for anyone who goes to the Courthouse to read.

Under the law, you are “Incapacitated” if you are mentally unable to make decisions for yourself.  This means you no longer have the mental capability to properly communicate your wishes.  This often occurs through illness, dementia or Alzheimer’s disease. 

If you become incapacitated, you won’t be able to sign contracts, estate planning documents, or any financial documents.  A guardian and conservator may be required to be appointed to oversee your care and finances.  This requires court hearings and ongoing detailed reports to the court.

So, how can we help you avoid all of this mess?  Powers of Attorney and a Trust.

In a Power of Attorney, you give the “Agent” (someone you choose) the power, duty and responsibility to act for you.  We prepare financial Powers of Attorney and Healthcare Powers of Attorney.  You can tailor the powers you grant to your agent to fit your needs.  The Powers of Attorney can be springing (they start once you are determined to be incapacitated), immediate (effective once you sign), or a hybrid (immediate for your spouse and springing for any successor agents named).  Once you have Powers of Attorney in place, they help your loved ones make decisions for you when you can’t and are effective until you die.

Trusts are also incredibly helpful during incapacity.  When you create a Revocable Trust, you title your property to your Trust.  Initially, you are the Trustee of your Trust.  This means you still have control over your assets during your lifetime.  You can name people to manage your property during incapacity and at death as Successor Trustees.  You can tell your Successor Trustee how you want your property managed before you become disabled.  This means that if you become incapacitated, your incapacity Trustee can take over and help you manage your property held in your Trust. 

When Powers of Attorney are combined with a Revocable Trust, your loved ones will be able to help you make it through challenges of incapacity and they will be legally prepared for an unexpected death.  With guidance from professionals in our office, we can help you protect your assets for those you love and help the unexpected be a little easier on everyone.

Lubnau Law has been strengthening our Wyoming communities through quality legal services since the 1930s.  We are experienced estate planning attorneys who care about our clients and their families.  Our firm focuses on protecting families from the expense and complications of probate and minimizing tax.  We are ready to help administer Trusts and estates upon death or disability.  Lubnau Law’s team will help you understand how estate planning can help you and your loved ones – giving you peace of mind… Because the best things in life aren’t things.