It can understandably be difficult to watch an older loved one lose his or her ability to soundly make decisions. However, you can take certain steps to protect these types of individuals. A guardianship is one option for taking care of an older relative in Texas, but there are a few guardianship alternatives that are just as effective yet less expensive. An attorney can help you to choose the best option for caring for a loved one.
One alternative to a guardianship is a power of attorney. For instance, medical powers of attorney allow people to choose who will make health care-related decisions for them in the event they become incapacitated. In addition, financial powers of attorney enable people to choose who will make monetary decisions for them in this situation.
Another alternative is to create a trust. People can create trusts and then transfer their assets to them, giving the trustees the power to utilize these assets to the benefit of those who set up the trusts. A trustee has to make prudent decisions and use the trust assets wisely in accordance with what is laid out in the trust documents.
Management trusts are yet another option for people who prefer not to go the guardianship route. These trusts in Texas can be created by probate courts and managed by banks or trust companies. Laws are in place to ensure that any assets in these types of trusts are not exposed to unreasonably high investment-related risk. With proper legal guidance, you can choose one of multiple guardianship alternatives that will not only work well for your loved one but will also minimize conflict in the family long-term.