When appointed to act as the Successor Trustee upon the incapacity of a trustor, you have an abundant amount of responsibilities and tasks at hand. Oftentimes, there are several family members involved, all wanting to help and provide input. While support is important, a Trustee must balance their priorities.

The first is always to ensure that the necessary steps are taken to ensure the well-being and safety of the trustor. This involves making sure the trustor is in a comfortable living environment, is receiving quality care, and their financial assets are protected and used for the trustor’s benefit.

There may be other surrounding issues such as preparing and selling a home which may be time sensitive. While the Successor Trustee must protect the asset and act in the best interest of the trust and the ultimate beneficiaries, the Successor Trustee must focus on issues at hand.

The Successor Trustee must use their discretion to prioritize. In doing so, it may be necessary for the trustee to set aside other issues including beneficiary inquiries and concerns which can be addressed at a later time. Being a trustee is a big undertaking and all interested beneficiaries need to understand the primary concern is to take care of the Trustor and their immediate needs.

Falk, Cornell, & Associates, LLP is a member of the American Academy of Estate Planning Attorneys.

Your 18 year old is going off to college …

It is spring semester of senior year and your 18 year old can’t wait to graduate, to be an adult, to embrace independence. You are busy planning for graduation and are ready to celebrate his milestone before packing him for college. Don’t forget to pack his Advanced Health Care Directive!

When your child reaches the age of majority, you can no longer access his medical records, speak to his physicians or make medical decisions on his behalf. On a daily basis, your child can maintain the responsibility of making his medical decisions but what happens in an emergency?

If your son or daughter is in an accident and cannot make medical decisions, who will? Though not the best topic to address at this exciting time in your child’s life, it is necessary. They need to nominate who can make medical decisions in the event they are not able and to determine their end of life decisions.

These decisions are difficult but Advanced Health Care Directives can always be updated as your child’s choices change. In preparation for sending your child in adulthood, please call us to prepare their medical directive.

Falk, Cornell, & Associates, LLP is a member of the American Academy of Estate Planning Attorneys.

Many people believe that estate planning is solely preparing someone’s estate for when they die. Of course, estate planning is far more complicated. In fact, estate planning also requires preparing for individuals, their estate and their person, if they become incapacitated. No one wants to think that a time will come when they cannot handle their own affairs but the truth is, as our population ages, it is likely that someone will need to handle your financial affairs as well as your well-being. With that said, not all incapacitated individuals are older. In fact, more and more children with special needs are of the age of majority. This means that in the eyes of the law, at eighteen, these children are adults. Obviously, many adults with special needs are unable to enter into contracts. For example, they are not capable of understanding a credit card, how it works, and how payments need to be made. As a result, many parents file for a Conservatorship.

In a Conservatorship proceeding, the petitioners, usually the parents, request that the court appoint them as the Conservators. The court will grant the Conservators certain powers, or authority, to make decisions on behalf of the Conservatee (the adult with special needs). There are two main categories of powers: powers over the person (the individual) and powers over the person’s estate (the finances). The powers over the person can include the authority to make health care decisions. The powers over the person’s estate can include controlling the individual’s social security payments or other cash resources. The goal of the conservatorship is to protect the conservatee (from those that might take advantage of them) and allow the conservatee to live a full life.

If you think you may need a conservatorship for a child with special needs or if you want to prepare for your own potential incapacity or that of a loved one, please do not hesitate to contact our office.

Falk, Cornell, & Associates, LLP is a member of the American Academy of Estate Planning Attorneys.

Caretaking After clients execute their estate planning documents, several years may pass before I hear from many of them again. Sometimes, clients schedule an appointment to discuss caring for an incapacitated family member. While the family member may have executed the appropriate estate planning documents, our client seeks advice on providing the care, both financial and health, to his or her family member.

While our office is happy to assist our clients by providing them information about in-home caregivers, local nursing homes, and their fiduciary obligations to their incapacitated family members, most of our clients need to remember that care giving for an incapacitated individual is challenging. For example, I have a client whose spouse suffered from serious dementia. As a result, my client became housebound. She was unable to leave without her husband for fear he would wander away or harm himself. When she finally had the opportunity to leave the house, she came to my office for a meeting. By then, she had lost weight, looked exhausted, and was extremely emotional.

My client did not need legal advice. My client needed to know the resources available to her and her husband. I finally convinced her that if she was unable to care for herself, then she would never be able to care for her husband. My advice for all caregivers, especially unpaid family members, is to remember to care for yourself. If financially possible, hire someone to help care for your incapacitated love one to give you a break. Also, use the resources available through the Veteran’s Association, Alzheimer’s Association, social workers, and your loved one’s doctor.

Falk, Cornell, & Associates, LLP is a member of the American Academy of Estate Planning Attorneys.