You probably wouldn’t just sign a blank check and give it to your child and say, “Manage my financial affairs for me.” But that is exactly what happens every day across Virginia as individuals without an estate plan have courts appoint a conservator over an incapacitated adult. They either were the victim of old age, illness, and catastrophic injury. Whatever the reason, they could no longer speak for themselves regarding their financial lives. Without a financial power of attorney established, your loved ones will have to go through a long, expensive court process to establish a conservator.
Then that conservator simply has a blank check to manage your financial life! It’s true. No rules.
At Smith Strong, PLC, we advocate for estate planning to be not mere documents, but planning that provides a rulebook for your financial affairs when you are no longer able to speak for yourself.
Strokes, dementia, illness can strike in a moment. Do not compound the problem without a suitable plan to deal with that transition. Create an estate plan that incorporates a financial power of attorney that is not just a few pages with names of family members, but is a rulebook for them to serve without stress or error.