Britney Spears’ terrible, heartbreaking conservatorship seems almost surreal. How can someone with so much success and wealth find herself in such a position? Could what happened to Britney happen to you or me?
The conservator is court appointed and may be responsible for financial decisions, such as retirement planning, the purchase or sale of property and the movement of any other financial assets.
When an individual cannot make important decisions for himself or herself, a judge appoints someone called the conservator or guardian to make decisions. The conservator has the legal backing of the court in all decisions, including finances, medical and personal care.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
As part of your financial and estate planning, you should make arrangements for your care, in case you become incapacitated.
A power of attorney names a person who can act on your behalf. This person is called your “agent” or “attorney-in-fact.” Before you create a power of attorney, you should know your options and which ones your home state allows.
Adults with disabilities are living much longer than in the past, which means their aging parents must plan for the day when their dependent children outlive them.
Eight years ago America’s baby boomers, people born between 1946 and 1964, began to retire. At nearly 75 million, they represent one of America’s largest elder care challenges. Millennials, now in their 30s, will need to begin thinking about how to look after their parents as medical, financial and mental health needs arise.
My father only designated my mom as an agent on power of attorney forms, and they have not been updated in many years. Where do you think we should go from here?
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
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