You may have read in a previous post that Buzz Aldrin has been fighting with his children over his own competency. Aldrin’s children are concerned that he is not able to make good choices any longer… In that same article we talked with Attorney Amanda Lundeen about what everyone should know about adult guardianships. In that same conversation, she gave us four tips to avoid an ugly guardianship yourself.
How to Avoid a Messy Guardianship
1. Get good Powers of Attorney in place while you’re well.
Planning early is more effective than planning during a crisis. Research is pretty clear that decision-making ability and cognition start declining as people age. It is important to think about comprehensive planning before this becomes problematic — somewhere around 60-65 is typically a good rule of thumb.
2. Keep your Powers of Attorney (and your plan) up to date.
It is a pain, but many institutions will not honor a Power of Attorney that is more than a year or two old. We say this all the time, but estate planning is not a one-time deal. Keep your plan up to date with the 3 L’s of Estate Planning, or join our Dynasty Program and be sure your plan will be ready for action when the time comes.
3. Use a professional who understands down-the-road needs of seniors.
Experienced elder law attorneys should be able to help you anticipate what needs may arise in the future. In addition, they should have effective planning tools that can help address those needs.
4. Communicate with your family.
Tell them who you’ve named and consider explaining your thinking on that decision. It’s also important to discuss how you want things dealt with. One of the biggest challenges as we age is discussing with our children things that we’ve never discussed with them before — finances, healthcare, end-of-life preferences, etc. The sooner you can start having those conversations, the easier it will be when things become difficult and an acute problem crops up. The more your children understand your feelings on these issues, the better they will be able to make the decisions you’d want made. This sets them up for success, and certainly will benefit you in the long-run as well.
As usual, planning ahead and thinking through the challenges of aging before they happen is the best way to make sure you and your family can face these difficulties without creating extra stress or expense. Most people don’t know how to manage all the issues that arise with aging loved ones, so Edwards Group developed a holistic way to help families think through the legal, financial, and care issues that develop as someone ages.
In addition to a thorough and effective estate plan, a Life Care Plan offers the option of partnering with us to plan for your care and help you navigate decisions on your journey through the aging process. Our latest workshop, Aging With Confidence: 9 Keys to Wise Planning and Peace of Mind, is a great place to start learning about the components of an effective plan that will effectively address the challenges of aging while protecting your legacy. Call us at 217-726-9200 to RSVP for an upcoming workshop.