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Since we never know what may happen to us on any given day, taking the steps needed to ensure our financial stability and safety is the responsible step to take for both yourself and your loved ones. At MNB Law Group, Inc., we have all too often seen the consequences of clients’ families failing to plan while healthy, competent, and full of life.
Planning now will prevent the need for unneeded and unwanted court intrusion and expense, and potentially devastating consequences to you and your intended beneficiaries. Executing an Advance Financial Directive (also referred to as a “Durable Power of Attorney”) ensures that the person you want to act on behalf of your finances, and those of your children (if you desire), is identified and documented.
This Advance Financial Directive applies if you become mentally incapable of making financial decisions yourself without the need of proceeding to court to have a conservator of your estate appointed. The Advance Financial Directive can also specify how you want your financial obligations handled during your incapacity, including what to do with real property assets, vehicles, business decisions and operations, etc., and what provisions should be made for your minor children or other dependents you may have and for whom you want to ensure the continued care, including your pets.
If your ability to make financial decisions diminishes – whether by way of dementia, unexpected coma or brain damage, or otherwise – financial institutions will require financial decisions to be made by a personal agent or court-appointed Conservator before they will allow any actions to occur on your accounts. If the person you appoint and nominate to make financial decisions upon your incapacity is not your spouse, your directions may be ignored unless you appointed them as you personal representative in an Advance Financial Directive.
With their experience in the family law, business law, and estate planning arenas, the attorneys at MNB understand the importance of providing, and have the knowledge and experience to provide, the careful and proper planning you need to ensure the safety and stability of your family.
If you have any assets, are over the age of 18, and do not have legal documents regarding your financial estate should you become incapacitated, it is advised you seek experienced legal counsel. MNB’s Estate Planning attorneys have the requisite knowledge and skill to make this as easy as possible. Our attorneys are ready to help you understand your options and take the steps needed to protect your interests.