Guardianship in estate planning in Raleigh plays two important roles. It's important to understand why. Today, we will talk about this, focusing on Powers of Attorney, as well as protecting children, grandchildren, and any other potential minor (non-adult) beneficiaries.
Guardianship in Estate Planning in Raleigh NC
By creating Durable Powers of Attorney for financial care and Health Care Powers of Attorney for medical assistance, in the event that the grantor becomes incompetent, his Power of Attorney will be able to make important decisions in the grantor’s stead. If, by chance, someone gets hurt and needs IRA monies to pay for expenses, then a Durable Power of Attorney can liquidate the IRA to obtain that money. Additionally, if someone is in an accident and a doctor needs permission to perform a critical surgery, the Health Care Power of Attorney can make such decision on behalf of the grantor.
If a person doesn’t have a Durable Power of Attorney or a Health Care Power of Attorney, then there is legally no person that can. People are often mistaken that a spouse or children get to make these decisions. But legally, no person can except for a Power of Attorney OR a guardian.
If someone does not appoint a Power of Attorney, therefore an adult child client is unable to help an incompetent parent financially or physically. It should, at that point, become up to the court to appoint a guardian. By having the Powers of Attorney, this process shouldn't be necessary.
To learn more, visit back with our next blog post. Also contact our lawyer in Raleigh NC with any questions you may have.
Eldreth Law Firm | Estate Planning in Raleigh NC
When creating an estate plan, we can factor in what may happen, as aging occurs. Planning to have someone specific take care of us, our spouse or children in the event of an untimely death or incapacitation is key. This can ensure protection so that wishes are carried out even when we are no longer able to express ourselves.
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our lawyer in Raleigh NC can help you get an estate plan and necessary documents in order and ready. That way, if you should you pass in an untimely manner or become incapacitated at some point, your assets will be protected and a guardian of your choice can be appointed. It’s better to be safe than sorry when it comes to estate planning. Contact our office, and get started now.