Which child is better suited to manage your finances?
What about your health care related decisions? In the situation of a single parent with adult children, it is likely that your children will be the ones to care for you. The question is “which one” would you chose. When preparing an estate plan, the decision lies with you to determine which child should manage your health care decisions pursuant to your Health Care Proxy, your finances pursuant to your Durable Power of Attorney, and ultimately your estate settlement pursuant to your Last Will and Testament. Perhaps one child can effectively handle all these areas, but perhaps each of your children has his/her unique strengths and talents.
Without a Last Will and Testament, Health Care Proxy, and Durable Power of Attorney in place, each of your children are free to vie for costly appointments to control over issues that deal with managing your health care, finances, and estate. To maintain family harmony, those appointments need to made by you in advance; otherwise they will be made later by a Judge. Moreover, if you subsequently lose your mental capacity without having a valid Health Care Proxy and Durable Power of Attorney in place, your loved ones will be required to pursue the costly endeavor of seeking Guardianship and Conservatorship over your person and property.