Q: My wife is not fit to make financial decisions. Does she also need a durable financial power of attorney and a will?
We have very little money and possessions. If I die first, I want her to have the benefit of any finances remaining. I will soon be assigning an executer and durable power of attorney and just want her to be taken care of.
A: To complies your goal of leaving everything to your wife, a wil gets the job done but if she is not good with handling her finances trust is far superior because it avoids probate and her inheritance could remain in trust under professional management.
If you are concerned about her ability to handle her finances now, try to talk her into making an appointment with an attorney to prepare a complete estate plan for her too. The estate plan should include, among other things, a durable power of attorney. Giving it immediate effect would allow hee to turn her finances over to someone trustworthy. I would suggest a professional trustee working with an experienced financial advisor.
You both need an experienced estate planning attorney to accomplish this.
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