Imagine that one day, due to an accident or illness, the court decides you are incapable of looking after your affairs. Even if you disagree and claim you are fine, they could award someone conservatorship over you. They could name a complete stranger.
By naming a durable power of attorney in your estate plan, you avoid the chance the court appoints a conservator. You decide who takes charge of your affairs if you become unable to. Accidents or illnesses can come at any moment. So, however young you are or however healthy you feel, it is always wise to think about the unthinkable. It gives peace of mind to know someone you trust will be there to do their best for you.
Conservators can take advantage of their position
Evidence shows that some conservators prove to be untrustworthy and unscrupulous. Here are some of the things that court-appointed conservators have done in the past:
- Stolen money: This person will control your finances. It is easy for them to divert money should they wish.
- Overcharge you: Typically, conservators may charge for the costs they incur. However, some charge too much.
- Fail to pay bills: If you fail to pay your rent, the landlord could evict you. If you fail to pay service providers on time, they could cut you off. If you are in a residential facility and your conservator does not pay, you could find yourself moved out.
- Fails to fill forms: You may be eligible for government assistance. However, you could lose it if the conservator does not submit applications correctly and on time.
Most conservators act honorably and in their charge’s best interests. Yet why take that risk? By creating a durable power of attorney, you can elect someone you know has your best interests at heart.