Disability Planning/Powers of Attorney
If you become disabled, either physically or mentally, and you do not have the proper legal documents in place, then your family will be forced down a difficult road. They will have to undertake court proceedings to get authority to manage your assets, and these proceedings are expensive, time consuming, and emotionally draining for all involved. Our firm’s goal is for our client to never have to go to court if one of their loved ones becomes disabled.
To avoid these court proceedings, we use both revocable trusts and durable powers of attorney. Most people think of a revocable trust as being used only after you pass away. This is not true, however. In your trust, you name a successor trustee. The successor trustee not only settles the estate when you die, but he or she assumes management of your assets during life if you become disabled and cannot do so. As to any assets that may not be in your trust (usually IRAs and similar retirement plans) we use a durable power of attorney. The revocable trust and durable power of attorney assure that there will be continued and uninterrupted management of your assets by the person you designate.