I Sold My Soul to the Devil - Preparing in Advance for Mental Illness
The brother of one of our clients recently became convinced that he had sold his soul to the devil. Upon questioning by his psychiatrist, he could not remember where he had met the devil, what the devil looked like, or what he had received in exchange for selling his soul. Perhaps the sale to the devil actually occurred. However, the psychiatrist believes that our client’s brother is having paranoid delusions.
Fortunately, the brother, who is now in his 40s, had prepared a financial power of attorney, a healthcare power of attorney, and a revocable trust when he was 35 years old. He had previously experienced some psychological problems. His doctors were concerned that he could experience severe mental illness in the future. Upon urging from his parents, he signed good estate planning documents.
The powers of attorney have been triggered. The healthcare agent is making medical decisions. The agent under the financial power of attorney, who is also the trustee of the revocable trust, is changing the ownership of various assets into the name of the revocable trust. A court appointed conservator will not be necessary. This will avoid an expensive, cumbersome process.
It is not always possible to foresee potential mental illness in the future. Nevertheless, it is my understanding from healthcare professionals that persons who experience severe mental illness often show signs of things to come before they fall off the deep end. If you or one of your loved ones show these signs, make sure that you put into place good estate planning documents before the major trouble arrives.
