๐ธ๐ ๐ข๐๐ ๐๐๐’๐ ๐๐๐๐ ๐ ๐ฟ๐๐ ๐๐ ๐๐ ๐ฐ๐๐๐๐๐๐๐ข (๐ฟ๐พ๐ฐ) ๐๐๐ ๐ข๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐๐โฆ ๐ ๐๐๐๐๐๐๐๐, ๐๐๐๐๐๐, ๐๐ ๐๐๐๐๐ ๐๐๐ ๐ ๐๐๐ ๐๐๐๐ ๐๐ ๐๐๐๐ ๐ ๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐ข ๐๐๐๐ ๐๐ข๐๐๐๐ ๐๐ ๐๐๐๐ ๐ ๐๐๐๐ ๐๐๐ ๐๐๐ ๐๐๐ ๐๐๐๐๐ ๐๐:
- Determine that youโre incapacitated; and
- Ask the Court to name a Guardian to make decisions for you.
This is:
- ๐๐ฎ๐๐ฅ๐ข๐ ๐ซ๐๐๐จ๐ซ๐. The world will know that youโre incapacitated, will know who is appointed, will know what assets you have, and will be able, by viewing the court docket, to know the ongoings of your life while youโre incapacitated.
- ๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐ฏ๐. Costs alone to establish a guardianship are approximately $800, and thatโs without litigation. Fees are hourly and based off of each caseโs specific facts, which means it is unknown what a guardianship could cost. Here at IVPA, we usually charge a $5K retainer that we work against at our hourly rates, and this is just to start.
- ๐๐ง๐ ๐จ๐ข๐ง๐ . A guardianship ends when the incapacity endsโฆ that means that guardianship cases can go on for a ๐๐๐๐๐๐ long time. Many cases donโt end until the Ward (the name given to the incapacitated person) dies. This means more attorney fees as there are at least annual requirements to fulfill, not to mention that every time you need to take action, thereโs a high probability youโll need to ask the court for permission (aka: have the attorney prepare a petition and have the court enter an order).
- ๐๐ฉ๐๐ง๐ฌ ๐ญ๐ก๐ ๐๐จ๐จ๐ซ ๐ญ๐จ ๐๐ข๐ญ๐ข๐ ๐๐ญ๐ข๐จ๐ง. There may be more than one person that wishes to be your guardian, and this could lead to a battle between the relatives, which means more $$$ on fees, turmoil among family members, and possibly, the appointment of a neutral 3rd party, like a Professional Guardian, to make decisions for you, if the court cannot choose between relatives, for example, like two children petitioning to be guardian for dad.
- ๐๐ง๐๐๐ซ ๐๐จ๐ง๐ญ๐ซ๐จ๐ฅ ๐๐ฒ ๐ญ๐ก๐ ๐๐จ๐ฎ๐ซ๐ญ. Any time your Guardian needs to use your funds to pay expenses, they have to obtain the Courtโs permissionโฆ and the Court can reject the request. For example, where your guardian may think itโs a great idea to build a pool in your backyard for water therapy to help with some rehab, the Court, considering the assets involved, may think itโs not appropriate and deny the petition.
A Power of Attorney is a fraction of the cost of a guardianship. Not only that, it assures the right person is nominated to make financial decisions for you in the event of an incapacity (not who the Court believes should be managing your financial affairs).
There are other factors at play when executing a POA; thus a POA may not be right for everyone, especially if you donโt have a trusted relative or friend to name as your Agent under the POA. We invite you to schedule some time to talk to us so we can properly orient you and help you figure out what is right for you.
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