It is often a challenge for people to come to terms with the fact that they need to put together an estate plan. Some people do not think they need one or they may find it too difficult to make plans for their assets in the event of their death. While it may not be an enjoyable experience, developing an estate plan in place can make an enormous difference for the loved ones and family members who are also involved.
As complicated as it may for a person to decide what to do with his or her own assets, there are some folks in Massachusetts who are either too young or are incapacitated and cannot control their own assets. In these cases, it may be necessary to consider a conservatorship.
Situations in which a person may require a conservatorship can be accompanied by difficult legal and emotional issues. They often are necessary when a person is disabled or lacks the mental capacity that may be required to manage and control their own assets. A separate person or party is then appointed to be the conservator and control the assets.
Recently, the co-founder of Upper Deck Trading Card Company passed away from what is reported to be alcohol poisoning. The 59-year-old man had long struggled with an addiction to alcohol and was also battling dementia in the time leading up to his death. Based on these medical conditions and the extent of his mental incapacity, the man had been under a court-ordered conservatorship.
It is important for a person to be reassured that their assets and estate will be properly managed and taken care of, especially if he or she cannot do it themselves. While it can be a difficult topic to discuss, a conservatorship may be a necessary solution if a person is not able to make financial or legal decisions on their own.
Source: NBC San Deigo, “Upper Deck Co-Founder Died of Alcohol Poisoning: Report,” Paul Krueger and Monica Garske, March 7, 2013