Elder Law and Insurance Contracts.

 The law protects people who are at the beginning of life, in special ways.  In many situations, minors cannot make enforceable contracts.  The law protects them from their own vulnerability to other people who might prey, and those who would not affirmatively hurt children but who nonetheless would not lift a hand or a voice to shield them from their own folly such as entering into an agreement that does not really benefit them but benefits some other party that wants to enforce it.

     It is a concept worth the attention of the law, whether people who are at the ending of life should similarly be protected, in special ways.  In many situations, for their own good, elders should not be making enforceable contracts.  Should the law protect elders from their own vulnerability to other people who might prey?  From their vulnerability to those who would not affirmatively hurt elderly people, but who would nonetheless not lift a hand or a voice to shield them from entering into a harmful agreement that would benefit instead only some other contracting party that seeks to enforce it?

     The current president of the American Council of Life Insurers makes the point that if the law goes the length of incapacitating everyone over the age of 65, then elders will face obstacles in "buying homes or cars or country club memberships or insurance policies."  (Mr. Frank Keating, quoted by Charles Duhigg in "Fine Line:  Shielding Elders' Money, and Independence" p. A1, col. 1 (New York Times Nat'l Ed., Monday, December 24, 2007).  On this Christmas Eve, or at any other time in the rolling Year for that matter, it does not seem as important in the great scheme of things that elders might then have trouble buying country club memberships, as compared to the very real concerns that can arise when elders buy homes or cars or insurance policies.

     However, there is a spectrum of remedies available to consider, and declaring people automatically incapacitated at any age is at an extreme.  Somewhere along the way, the willingness of responsible adults to guarantee performance and to review benefits and obligations, as is the case in many situations with minors, is without doubt worth the attention of the law where elders are concerned.  The linked newspaper article, above, explores the situations faced by elders at which the law ought to look and in which, having looked, the law might decide to take a hand.

    Happy Holidays To All!