Plan Ahead For Incapacity

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There may come a time when a loved one is no longer able to manage their assets or make important healthcare decisions without additional support. This can occur gradually, as their abilities change over time, or suddenly due to an unexpected health crisis.

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Working informally with banks and healthcare institutions to manage a loved one's assets or health can be difficult or even impossible without the proper legal documentation. Most institutions will require formal, written authorization before they allow someone to act on another’s behalf. Having the appropriate legal documents in place can ensure a smooth and seamless transfer of responsibilities to other family members or trusted individuals. 

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The Right Legal Documents Can Provide Protection and Peace of Mind

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In many cases, children or other trusted family members can step up to assist in managing their loved one's affairs. There are various options for them to become involved, particularly when it comes to the management of assets through a trust. A person may designate a child or family member as a co-trustee, allowing them to share responsibilities and decision-making power regarding the assets and financial matters of the trust. Alternatively, a person may choose to step down and give that child or family member the sole authority to manage the trust. 

 

The proper legal documents provide clarity and protection, reducing potential conflicts or confusion during a challenging time. Families can feel confident that their loved one's needs will be met and that decisions will be made in their best interest, offering peace of mind for everyone involved.

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Contact The Law Office Of Nicole Warmerdam

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We can help you tailor a transition plan to address your family's unique needs and circumstances.