Jay Leno didn't have an estate plan in place, and now he’s paying the price.
Jay Leno's "Oops" Moment:
We all love a good laugh with Jay Leno, but his recent slip-up has us shaking our heads. You see, Jay had to file for conservatorship for his wife because he didn't quite have his estate planning ducks in a row. Jay’s wife has dementia, and if they had a completed estate plan, the sad and difficult time would have been much easier. But because he doesn’t, it isn’t. Instead, he has to treat her like she’s Britney Spears.
A Durable Power of Attorney allows you to name someone who can control your assets and make financial decisions for you if you can’t do so for yourself. You can read more on this in our FREE report here.
Dementia is one of those circumstances that can result in you being incapable of making these kind of decisions. When you nominate someone as your power of attorney, they have authority to act in your best interest, and there is no need to involve the court. The other upside is the person is someone YOU choose, not the court.
The Power of Estate Planning:
Now, here's where things get interesting. A Durable Power of Attorney would have saved Jay from this predicament. If he and his wife had a completed plan, she would have named him as her POA, and that’s all that would have needed to be done. There’s really no excuse for not having it done.
Instead, he has to go to court, which requires time, money, and medical testimony. Then, the court makes the decision. If there are other relatives in the mix, they could challenge Jay’s ability to be conservator, and seek the position for themselves. Then, it’s up to the court to decide.
Why would anyone put their family through this? Why let the court decide what’s best for you? Wouldn’t you want to decide this for yourself? For a multi-millionaire like Jay, there’s no excuse whatsoever. Shame on you Jay!
Learning from Jay's Mistake:
Let's face it – we're all prone to the occasional slip-up. But Jay's misstep serves as a valuable lesson for us all. Estate planning isn't just for the rich and famous; it's for everyone. By taking proactive steps to plan for the unexpected, we can avoid unnecessary headaches and protect our loved ones' futures. It's like putting on sunscreen before hitting the beach – a simple precaution that saves you from a painful burn!
Don't make the same mistake as Jay. Call our office now at 978-487-5219 to schedule your Strategic Planning Session with us!
