Growing older can bring a richness to life that may have been unattainable while working grueling hours to pay off the mortgage and supply college funds. It is the dream of many Illinois residents to retire in luxury, yet one downside to this stage of life is the sudden burden of planning ahead. While arranging documents and completing estate plans are certainly no walk on the beach, preparing ahead to avoid less appealing situations can help pave the way toward future well-being and happiness.
Many have heard the unsettling stories that surface about adult guardianships, but few know the ins and outs of this process. An article in Forbes discusses the ways family members can protect loved ones from adult guardianships that go wrong, noting that escaping such situations can become difficult. When it comes to finances, creating a durable power of attorney is one way adults can prevent confusion among financial documents if an accident or illness occurs. Considering all angles of the process is another important step, according to Forbes: for those on the fence about a guardianship, revoking a document is another possibility.
Of course, guardianship plans are not the right fit for everyone. FindLaw clarifies that there are, in fact, ways to avoid the process altogether by creating a revocable living trust. Doing so can help adults maintain control over their property during and after life. A trust also has the potential of standing in place of a will, and can provide cushion when adults become unable to care for themselves. Naming a trustee is an important step in forming the trust, as they can take over when complete self care becomes too much to manage. Although guardianships work for many individuals with varying needs, others choose to create a trust in order to maintain control and peace of mind.