Are there alternatives for managing property when a person becomes incapacitated?
Video Transcript
We have several options. One is joint ownership. That will only take you so far but generally it works better if the joint owner is your spouse. Also we can utilize a durable power of attorney. That is our preferred method. In addition we may use a revokable living trust for certain assets. That can help a durable power of attorney perform better. Finally if none of the above apply a legal guardianship may be necessary, which is called supervised.