When a person comes into a substantial amount of wealth, there is no guarantee that he or she will be able to manage the assets very well on his or her own. Many people, especially those who are young, struggle with the sudden influx of money and cannot cope with the responsibility. In many cases, families can have an estate plan in place that assigns a guardian or conservator to protect the assets and wellbeing of a minor child or incapacitated adult.
People in Boston may be familiar with the recent stories about the young actress Amanda Bynes. Over the past few weeks, the young celebrity has been making headlines with her erratic and risky behavior. Sources indicate that the bizarre behavior all started shortly after she was given access to millions of dollars that she had earned earlier in her career. Many people have suggested the starlet is in need of a conservatorship or guardianship to protect her.
Bynes’ legal troubles started after she was charged with drunk driving. Shortly after that incident, she caused and left the scene of two other car accidents. Her Twitter account exploded with strange comments and worrisome pictures. She shaved part of her head and has been dramatically altering her appearance. Sources also suggest she has been abusing alcohol and drugs.
Many people believe that her actions suggest that she may not be capable of acting in her own best interests. Adults who need help managing their health, safety and financial affairs may benefit from a conservatorship. If she continues to act out in ways that she knows are harmful, it may be necessary for the court and her family to intervene.
The standards and requirements that must be met for a guardianship or conservatorship vary from state to state. People who are considering these options can speak with an attorney who understands the process and importance of protecting the assets of a minor child or incapacitated adult who cannot control or manage the assets themselves.
Source: Forbes, “Amanda Bynes’ Comeback Could Begin With A Guardianship,” Danielle and Andy Mayoras, May 2, 2013