With so many past the age of 35 failing to plan ahead with a living will or advanced healthcare directive, it’s no surprise why many estates are a train wreck when the unthinkable happens. If you’re in the position of no longer being able to manage your assets and you have no plan in place, your family may have to step in for the right to conservatorship. Unfortunately, this is often the last thing you want to put your loved ones through for the following reasons.
They are time consuming.
Conservatorships take an extensive amount of time and legal wrangling to set up, and if you don’t have a plan for bringing it to fruition, then your family may end up fronting the bill, missing valuable work time, and pulling their hair out over the legal guidelines they must follow.
They are expensive.
Conservatorships end up taking a sizable financial toll on your estate and the people who eventually end up in charge of it. They are more likely to require legal expertise, and as everyone knows, lawyers don’t come cheap!
They create more emotional turmoil for your family.
Whenever your plans are not clear, you open the door for family members to become bitter enemies as they try to fulfill what they think you “would have wanted.” The added burden and responsibility of having to figure out your wishes also creates stress for the person who ends up with the legal say-so.
They are prone to abuse.
As much as you want to trust your family members to do the right thing, the hard fact of the matter is that once a conservatorship has been obtained, you have no way of voicing your true wishes. This makes the position a natural target for abuse, and when that happens, it can hurt you and the people you care about.
So what options are there?
You can use a durable power of attorney to allocate power to an agent of your choosing for the purpose of making financial decisions on your behalf. The great thing about this: you get to hand-pick the person yourself.
These documents are as easy to set up as a last will and testament. We can get you started today with these items and the ability to create a living trust. Whatever you decide, take action. Don’t wait until it’s too late to prevent the abuse of your estate.
