When a person is appointed conservator of a relative or other loved one, they are granted some very significant powers regarding their loved one’s finances. Given the power that is given to conservators, it is no surprise that there are many duties and responsibilities placed on these individuals.
A nursing home stay is something that is in many people’s future. What happens in regards to nursing home care during a person’s elderly years can be very impactful. Now, a person doesn’t have to wait until they are in their elderly years or until they are sure they will in fact need nursing home care to make preparations regarding impactful nursing-home-care-related issues. Rather, they can engage in advanced planning on these issues, and such planning can prove very beneficial.
Trusts can be used for a range of different things in an estate plan. Whatever goal a trust is being aimed at, when setting up a trust, it can be critical to exercise proper care when picking who to name as trustee. The trustee administers the trust and manages the property put in it, and thus can play a very big role in how the trust ends up going and how well it serves its intended purposes.
One thing many seniors care about greatly is ensuring their grandchildren have a good future. So, this is among the goals that a person may have for their estate plan as they get older.
A person’s own circumstances are not the only things that can impact what sorts of estate planning devices and approaches would be best for them. Another such thing are the circumstances of their family and other loved ones.