Estate Planning Mistake #2No Plan to Control Financial and Property Matters During Incapacity
If you read my previous blog post, then you know that ignoring an uncomfortable issue will not make it go away. In fact, failing to plan can make a bad situation much, much worse for yourself and for your loved ones.
For instance, if you should have a stroke tomorrow and be incapacitated, what would happen to your children? Will your spouse be able to access your accounts? Will the mortgage get paid? Will the lights stay on? In other words, have you appointed someone to oversee your financial affairs if you are unable to do so?
If the answer is no, then your family may be forced to seek a court supervised conservatorship if you become incapacitated. Obtaining a conservatorship is a long, expensive and inconvenient process. Also, it’s possible that the court could appoint a conservator who you wouldn’t want to control your assets!
In the video below, I go into more detail about the many problems that can occur if you do not put a plan in place in the event of incapacitation. I also explain how these issues can be avoided if you take the time to work with an estate planning attorney to draft a few simple documents that clearly state your wishes.
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