So here’s the truth… When it comes to financial management of a loved one’s assets during incapacity, failure to plan will guarantee a court process.
How Can I Pay a Sick Relatives Bills?
Anyone with an ill friend or relative knows that you cannot just go to the bank and ask to take over the payment of bills. If the account is in the name of the ill person, you must have court permission to obtain the funds. This is called a conservatorship of the estate. Work with your friend or loved one to set up a Financial Power of Attorney or Living Trust.
These legal documents provide for management of assets during a person’s lifetime. They name someone to assume responsibility for the payment of bills and collection of income should the creator (the Settlor) of the trust become disabled.
In general, having documents such as these in place can eliminate the need to go to court for the appointment of a conservator. When a court process is involved, and a conservator is appointed, it results in loss of one’s rights with a finding of incapacity. In addition, the conservatorship process is open to the public and so is the file.
There is No Living Trust or Financial Power of Attorney – What Do I Do?
This is a tricky thing and can feel VERY overwhelming. First, take care of yourself and lean on friends and family for emotional support and by all means, talk to a legal professional!
I know this can seem like a daunting task, however, it is what I do every day and I can help you set up exactly what is required for YOUR specific situation and see that you get through today’s crisis. Moreover, if you like, we can set other things in place to make sure things go smoothly in the years to come.
You are welcome to print this Free 30 Minute Legal Consultation and use it to get some of your initial questions answered at no charge!
This blog contains general information and is not meant to apply to a specific situation. Please seek advice of counsel before proceeding as each case is unique.