Most people worry, for good reason, about the trouble of getting a court-ordered guardianship if necessary. The truth is that much of the pain can be avoided by having a Living Trust.
If you were to be incapacitated, your financial business and assets can be taken care of in three ways. You can browse https://tompkins-law.com/living-trusts/ to get more info on living trust.
The three ways are:
· With a Living Trust
· Selecting someone to have a Durable Power of Attorney, or
· Court proceeding for Legal Guardianship
We will begin with the final method. If nothing is done and you don't designate anyone to handle your finances formally and you are incapacitated, one or more family members will have to file with the court and go through public incompetency hearing.
In order for your finances to be handled, a guardian or conservator will be named. This is frequently referred to as a Guardianship or Conservatorship Proceeding.
It is often difficult, time-consuming; full of stress and expensive. Because there is often disagreement and considerable confusion among family members, it can be especially difficult on families as a whole.
Once you are no longer able to speak for yourself, it becomes guesswork for anyone else to determine what you would have wanted from handling your finances to who you would have wanted as your guardian.
Even the simplest decisions become difficult when someone else has to make them. To complicate matters further, until the court has declared you incompetent and assigned a guardian or conservator, nothing at all can be done with your property.