Basic Estate Planning: What Happens if You Don Have a Disability Plan?
Planning for mental disability should be an integral part of every estate plan, and yet it’s often overlooked. There are two important aspects of this type of planning: deciding who will take care of your personal well being and deciding who will take care of your finances. What Can Happen if You Fail to Make a Disability Plan? Before you can understand how to properly plan for mental disability, you’ll need to understand what will happen to you and your property if you fail to make a disability plan. All states have a legal process in place for dealing with their residents who become mentally incompetent through their guardianship or conservatorship laws. We all became aware of California’s conservatorship laws when Britney Spears’ family used these laws to have Ms. Spears involuntarily committed to a mental institution and her father designated to serve as her conservator in order to manage her and her finances. What is Guardianship or Conservatorship? Guardianship, or conservatorshi
