Is she protected?
Are you the parent or guardian of someone who will never develop the power to act independently?
Let us help you protect this precious person. We can set up a special trust that you can actively participate in directing and managing, so that you know it is set up correctly and that your wishes will always be carried out. Any inheritance or life insurance can be paid into this trust. Alternatively, we can help you set up a testamentary trust which will provide for her/him after the event of your death. In both cases, the nomination of the right trustees is vitally important. We are skilled in advising on such matters.
Protecting those with impaired capacity can sometimes mean you need to protect yourself too
What we think about less often is what happens when we ourselves become impaired. People generally believe that giving a family member or trusted advisor power of attorney takes care of you in the event of a permanent mental impairment, such as dementia; however, power of attorney only applies if you have the full mental capacity required to award it and are competent enough to act for yourself. In the case of impaired capacity, any power of attorney you have awarded is null and void.
Come and chat with us at CA Trust Company, as there are several ways that we can help protect you while you are still of sound mind to ensure that you are able to direct the process and that your wishes are carried out in the event of your own incapacity.
