Get Your Questions Answered – Call Me To Schedule Your 30 Minute Phone Consultation
(719) 985-8192
Get Your Questions Answered – Call Me To Schedule Your 30 Minute Phone Consultation (719) 985-8192
Guardianships and conservatorships play a critical role in estate planning, especially when it comes to providing for any minor children you may have. Here are some reasons why they are so incredibly important:
When creating a will, you can name guardians who will take care of your minor children if something happens to you. This ensures that your children are cared for by someone you trust even when you’re no longer around to do so yourself.
Instead of naming a conservator in your will, you can establish a trust to manage your children’s financial needs. A trustee appointed in the trust document will carry out duties similar to a conservator. You can specify how the trust funds should be used, such as for education, down payments on a house, or other significant expenses they’ll encounter later in their life.
In an estate plan, you have more flexibility to set conditions and specify how and when funds are used. Court-appointed guardianships and conservatorships typically end when a child turns 18, but a trust can extend support beyond this age.
Ensuring your wishes are honored in a guardianship and conservatorship involves careful planning and clear documentation. Here are key steps to consider if you’re thinking about using these tools in an estate plan:
Clearly document your wishes in your will or trust. Oral statements are not legally binding and may not be admissible in court due to the dead man statute, which restricts testimony about a deceased person’s statements if it could benefit the witness. Creating a trust is one of the most reliable ways to ensure your wishes are followed since they provide detailed instructions on how your assets should be managed and distributed.
Select a guardian or conservator who understands your wishes and is committed to honoring them. Discuss your preferences with them to ensure they are prepared to follow your instructions. Provide them with written guidelines. While not legally enforceable like a trust, these instructions can guide them in carrying out your wishes.
Involve neutral parties such as financial planners or attorneys in your planning process. Their testimony can be more readily accepted in court if there are disputes about your wishes.
Integrating guardianships into estate planning can present several challenges, particularly when dealing with elderly relatives. These challenges often stem from a lack of early preparation and include:
One of the biggest challenges is ensuring that elderly relatives have the necessary legal documents in place before they become incapacitated. Case in point, you cannot prepare a power of attorney after a person is incapacitated.
Establishing medical and financial powers of attorney ensures that someone trustworthy can make decisions on their behalf. These documents are essential in preventing the need for court-appointed guardianship or conservatorship later.
Attorney Tammy Akers of the Law Firm of Tammy W. Akers, LLC in Colorado is a seasoned estate planning attorney who specializes in guardianships and conservatorships. With a proven track record of helping clients navigate these complex legal arrangements, Tammy ensures their loved ones are protected and their wishes are honored. Her compassionate approach and deep understanding of Colorado law make her a trusted advisor for families facing these challenging decisions.
For tailored, expert guidance on guardianships and conservatorships, reach out to Tammy W. Akers, LLC and secure your family’s future today.
When powers of attorney are in place, the court will honor these documents, indicating that the appointed person is acting on behalf of the original party. This legal recognition simplifies the process and reduces the burden on the family.
If no powers of attorney are in place and an elderly relative becomes incapacitated, you may need to apply to the court for guardianship or conservatorship. This process can be time-consuming and stressful, which isn’t ideal when you’ve been thrust into a situation where you need to be able to act fast.
Taking all of the preparations associated with medical and financial powers of attorney into account as part of your comprehensive estate planning process is key to integrating a guardianship in a meaningful way. This proactive approach ensures that your wishes are followed and reduces the likelihood of legal complications.
An attorney can be instrumental in guiding you and your family through the decisions surrounding guardianships or conservatorships. One of the primary ways they assist is by identifying potential pitfalls and advising on effective strategies early in the process.
This is especially vital when dealing with elderly family members who may be beginning to experience memory loss but still possess the capacity to create a power of attorney. Establishing these legal documents before the person is no longer able to do so is essential.
A knowledgeable estate planning attorney will also anticipate other needs you may have and provide advice accordingly, such as Medicare planning, to ensure that your elderly relative’s care is sufficiently covered. Engaging an attorney sooner rather than later can help you and your family navigate these challenges more effectively, ensuring that all necessary legal protections are in place.
I recently handled a complex estate planning case where I was appointed as the guardian ad litem to oversee the best interests of an elderly gentleman. This case involved stark conflict among the parties involved. The man I was representing had previously completed his estate planning, including wills and trusts, and had a substantial amount of money. However, later in life, he decided to divorce his spouse. During the divorce process, he was declared incompetent and placed in a nursing home.
The situation became especially difficult because, despite his desire to divorce his wife, he was no longer competent to amend his will or testify about his wishes in court. My role as the guardian ad litem was to ensure his best interests were represented. Unfortunately, the gentleman passed away before the divorce was finalized, leaving his spouse, whom he intended to divorce, still entitled to the assets specified in the will.
This case truly highlights the importance of proactive estate planning. If you have even a hint of potential changes such as the ones in this situation, update your will and other legal documents as soon as you can. Making these amendments ahead of time will help prevent similar conflicts and ensure that your wishes are honored, even if unforeseen circumstances arise.
For more information on How Guardianships And Conservatorships Fit Into Your Estate Plan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (719) 985-8192 today.
Attorney Tammy Akers of the Law Firm of Tammy W. Akers, LLC in Colorado is a seasoned estate planning attorney who specializes in guardianships and conservatorships. With a proven track record of helping clients navigate these complex legal arrangements, Tammy ensures their loved ones are protected and their wishes are honored. Her compassionate approach and deep understanding of Colorado law make her a trusted advisor for families facing these challenging decisions.
For tailored, expert guidance on guardianships and conservatorships, reach out to Tammy W. Akers, LLC and secure your family’s future today.
