Welcome back. We are here today to talk more about alternative guardianship. If you missed our previous blog post, refer to it for more information.
Guardian Alternatives | Estate Planning in Raleigh
A living trust can be established by a person needing additional support in financial matters. It is a revocable trust that manages assets and allows someone to be named a trustee and a co-trustee. If the trustee becomes incapacitated or disabled, whomever is appointed to take over will be able to make decisions on that person’s behalf. This will be added during your time estate planning in Raleigh.
There are also other non-legal ways to get support, such as through social services. A loved one who needs help in certain areas of life, such as with personal needs like household chores or getting enough healthy meals, can sign up for services. They can be found through the government or through local organizations. Many are low cost or free.
Similar to attorney-in-fact, a protective payee can manage a person’s benefits received through federal public programs, Social Security or Veteran’s Administration. He or she is required to give guidance and protect the receiver from fraud or victimization. The person can ask for a family member or friend to be appointed, but he or she cannot have felony convictions and must have his or her own means of support, either through employment or a monthly benefit. One can also be appointed through an organization that pays people to be payees.
Remember, a guardianship is appointed when an individual is not able to care for themselves. One could be a appointed in the case of a minor child, under the age of 18, who is unable to care for themselves, or in cases of an adult without the mental ability to care for themselves.
Visit our previous blog to learn more! If you have questions about this or estate planning in Raleigh, contact us.
Eldreth and Eldreth | Estate Planning in Raleigh NC
Remember, estate planning in Raleigh is important. It’s a way to ensure your loved ones are cared for after you’ve passed. It’s also a way to distribute your belongings to specific loved ones as well. It’s important that one not pass without this document. Doing so can result in a court case that will leave your loved ones stuck in probate court. This could be not only time consuming but expensive as well.
Regardless of whether you're married, single, wealthy, childless or a parent, it's important for all adults to have an estate plan and the proper documents in place at the beginning of each year. If you're ready to begin planning your estate contact our attorney, today.