As you age or experience a sudden illness or injury, appointing someone to manage your financial and personal affairs can become necessary. This person, known as a conservator, is typically appointed by a court and is responsible for making decisions on your behalf.
While conservators can be helpful and necessary to individuals who are unable to manage their own estate and financial affairs, there are situations where they can abuse their power or act against your best interests. Fortunately, you can protect yourself from a court-appointed conservator by setting up a trust.
Here’s how a trust can help you avoid a court-appointed conservator.
Provision of clear instructions
One of the key benefits of using a trust to protect yourself from a court-appointed conservator is that the trust can be set up to provide clear instructions for how your assets should be managed. This can include instructions on how assets should be invested, how they should be used to pay for your care and how they should be distributed after your death.
Provision of proper asset management
A trust can be set up to provide ongoing management of your assets, even if you become incapacitated. This means that you can have peace of mind knowing that your property and assets will be managed as per your wishes, even if you’re unable to make decisions for yourself.
Support to beneficiaries
A trust allows you to provide ongoing financial support for your loved ones even after you pass away. In addition, you can use a trust to ensure your assets are distributed in a way that aligns with your values and priorities, such as by supporting a particular cause or charity.
Leaving your estate planning needs in the hands of the courts may not be in your best interests. However, you can protect yourself from a court-appointed conservator by setting up a trust.