Are there non-economic reasons to create an estate plan?
If you become temporarily or permanently incapacitated, a conservator may need to be appointed for you and/or your estate if you have not planned ahead. The conservatorship hearing is likely to be an emotionally difficult proceeding for your family, who will already be dealing with the tragedy that has placed you in this position. Your family will need to hired an attorney who will petition the court to judge you unable to care for yourself. Furthermore, the court will have ongoing supervision over the conservator's future actions taken on your behalf. Having a conservatorship established for you is something that you want to avoid if at all possible!
· Establishing a revocable living trust permits ongoing management of your trust assets by your successor trustee.
· Executing an advance health care directive permits your agent to make health care decisions, including end-of-life decisions, on your behalf.
· Executing a durable power of attorney permits your agent to make financial and personal decisions on your behalf.
· In each of these situations, the person acting on your behalf is someone chosen by you; and this person will act according to the guidance that you have provided in your estate planning documents, without the intrusion of ongoing court supervision.Nominate A Guardian For Your Minor Children
· If a guardian needs to be appointed for your minor children, the court will give great deference to the person that you have nominated in your will or other document. However, if you neglect to nominate a guardian, the court will be forced to choose one without your input; and the judge could appoint someone whom you would have specifically excluded from consideration.
Please contact me at 323.654.9513 or email@example.com if you would like to discuss your current estate plan.
Brooks Paley, J.D., LL.M.