Your loved one should have a power of attorney. That way, if they ever become incapacitated you can step in and manage their financial affairs. However, if they become incapacitated and don’t have a power of attorney there is another, albeit less convenient, remedy available. In that situation you might need a guardianship (or, depending on where you live a conservatorship) in order to assist them.
One big issue regarding a guardianship is the cost – they can be very expensive. Who is going to pay the fees and expenses for the guardianship proceedings? This podcast episode discusses that issue.
I hope your loved one can avoid the need for a guardianship by creating a good power of attorney. But if they can’t then this episode might be very helpful.
Thanks for taking time out of your day to listen to the podcast and I will talk to you soon.