What happens upon mental incapacity or serious medical issues?
When you are mentally incapacitated, you are no longer able to manage your own financial affairs. Many people presume that, if they are married and/or have children, that their spouse and/or children will automatically be able to handle such financial matters on their behalf. That is not the case. Without proper documents in place, one’s spouse or children would have to petition a court to have you declared legally incompetent, a process that is long, costly and stressful for all concerned. Once declared incompetent, the court will appoint a person to handle your affairs. Hopefully, that person will be someone whom you would have chosen. The court may even require that the appointed financial manager may have to return to court yearly to account to the court for every penny that is being spent, invested, etc., resulting in more costs and frustration for your loved ones. Proper estate planning can eliminate these problems and confusion. If it is your desire that a certain member or memb
