incapacity

What is a Nomination of Guardian?

What is a Nomination of Guardian?

You are going to live forever.

You can eat whatever you want and drink whatever you want and run for as long as you want forever. Because you are invincible and nothing bad will ever happen to you.

Did you buy that? No?

Unfortunately, people don’t stay young and healthy forever. We don’t like to think of a time in the future when we will no longer be able to take care of ourselves, but it is incredibly important that you do so. Ask yourself:

  • If you become incapacitated, who will have the legal authority to take care of you?

  • If a parent or other loved one becomes incapacitated, who will be able to assist them with managing their assets or healthcare?

  • If you die before your children reach adulthood, who will have custody over them or be able to take care of their inheritance until they come of age?

You may not know the answers to these questions, and that’s fine. That is probably why you are reading an article on an estate planning website. (Either that or you are very bored.)

Whenever we ask questions about capacity or managing someone’s financial or medical care, we enter the realm of guardianships and conservatorships. Two big legal words with two big legal explanations. So, let’s dive in and learn more about these concepts.

What is a Guardianship?

A guardianship is a court-supervised process whereby the judge appoints a guardian to manage the personal care of a ward (i.e. someone who is physically or legally unable to manage their medical care). Similarly, a conservatorship is a court-supervised process whereby the judge appoints a conservator (similar to a guardian) to manage the assets of a ward (i.e. someone who is physically or legally unable to manage their assets).

Estate Planning for Young Professionals

Estate Planning for Young Professionals

If you are a young professional, estate planning is probably not even on your radar.

And why on earth should you have to think about it?

You’re young.

You don’t have many assets.

You’re single (and your grandma keeps reminding you about it).

Your family knows what you want.

You have other things to worry about.

You’re going to live forever.

However, estate planning is just as important (if not more important) for single young professionals as for older, wealthier, married-ier individuals.

But how do you create an estate plan? Where should you start? It’s a big question. Lucky for you, we have already done the heavy lifting. Here are 4 quick estate planning tips for young professionals:

1. Get a Durable Power of Attorney

In short, a Durable Power of Attorney is an estate planning document that gives someone (your “Attorney-in-Fact”) the ability to act for you in certain financial and/or medical situations.

“Why is this useful?” you may be yell-asking at your computer screen. And that’s a great question.

9 Signs It's Time to Update Your Estate Plan

9 Signs It's Time to Update Your Estate Plan

You finally took the plunge and created an estate plan. Wonderful. Awesome. High five. But now that you have a plan, how often do you need to revisit or update it?

Rather than updating your estate plan every X number of years, we recommend revisiting and (potentially) revising it whenever you experience a significant life change. A will or trust you signed years ago might no longer reflect what you care about.

Consider reviewing and/or updating your estate plan if you have experienced any of these changes: