Why You Should Lay Out Your Wishes Now
Many families are affected by elderly care custody problems, but situations like the Brooke Astor custody battle you probably heard about didn't need to happen. There are steps seniors can take ahead of time to minimize chances of a guardianship proceeding in the future.
- The first step is to sit down and talk with your heirs. You need to explain well in advance what your wishes are should you become incapacitated.
- Create a financial power of attorney and safeguard it by requiring your agent to provide family members or a third party with regular accounting statements.
- And be sure you limit your agent's power to make gifts of your property.
- By all means, add a clause in advance planning documents requiring future feuds to be settled by mediation, not litigation.
For more information about advance planning, go to www.AARP.org and the American Bar Association's Commission on Law and Aging at www.abanet.org/aging.
Make plans now.
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