What Happens if I Don’t Have Powers of Attorney? (Video)
What will happen if you are injured, sick, or develop dementia?
Who will be in charge of you, your money, and your affairs?
Hi. I’m Gary the owner of DeWitt Law.
If you’re unable to manage your affairs and don’t have a Power of Attorney, a Judge may have to appoint someone to act on your behalf in a legal proceeding called a Guardianship.
Your personal and financial information become public. This information can cause problems for you and your family that you haven’t thought about. Financial predators watch these records and prey on the unsuspecting, like your family.
A Guardianship is very expensive.
A guardianship starts at $3,000 + costs for an uncontested guardianship. If somebody contests the guardianship, or complications develop, the cost goes up rapidly. It is not unusual for an emergency or complicated guardianship to cost $5,000.
Your family will also have the cost of the annual reports, accountings, and inventories that the court will want. Even for a simple estate, this can add another $750 or more every year. If these are reports are not filed on time, the Judge will send your family a letter asking where the report is. If they don’t produce the report in time, the guardianship can be cancelled, or they can be held in contempt of court.
A complete set of comprehensive durable powers of attorney starts at $650 per person.
Start your plan at dewitt.law.