by John D. Dutton
Attorney and Counselor At Law

As we get older, we often get comfortable in our habits and dread change. Yet as we approach retirement and our “seasoned” years, change often comes faster and more unexpectedly. The house is too big; we have to move. Aches and pains take away the joys of hobbies. Financial resources and incomes can change with tomorrow’s headlines. Health concerns can suddenly force unexpected changes on us. And then there are taxes. In 2010, there is no estate tax. But in 2011, the estate tax comes back with a much smaller exemption.

All of these things can become greater challenges if we don’t have a management plan in place and have given instructions to others for how we want things handled if we are not able to handle them ourselves. Our children or other relatives may disagree as to who will take care of us and our financial resources. If no one has been selected or if there are no family members, usually someone (even a creditor) may ask the court to appoint a guardian and conservator.

The easiest way to put your mind at ease about these things is to take the time to have a will, power of attorney and advance medical directive prepared. Your particular situation may also make it advisable to set up a trust. A will instructs your executor as to what you want done with property you own at your death. Powers of attorney and medical directives authorize the person(s) you designated to handle your affairs if you are not able to do so. 

It is imperative that individuals and couples set up plans to suit their needs. Don’t wait until legal authorities must assist families to seek court appointment as guardians and conservators for parents who have failed to plan. Having these documents in place helps assure that what you have gets to those you want to have it – but not until you’re through with it.