When you become incapacitated, it almost always falls on your children to gather, maintain, and manage your financial affairs. This is a big job, but it is even harder, and more expensive, if the Court is involved. If you do not have any planning, then your child will likely have to file a Conservatorship Petition in the County where you live. Then, a Judge will hold a trial-like process to determine your capacity.
At the end of the trial, the Judge will appoint someone to serve as your Conservator. Unfortunately, this is just the beginning. Once appointed, your Conservator will have to file paperwork every year with the Court to account for every decision they made on your behalf. This process is time consuming and expensive. BUT, IT DOESN’T HAVE TO BE THIS WAY.
If you create a living trust and fund it with your assets before you lose capacity, then most Courts will not require a Conservator for you. This means that your child will be able to privately handle your affairs in a faster, cheaper, and more efficient manner.
