Certain life situations can make it difficult for a person to manage his or her own assets. When this is the case, family members may set up a conservatorship. While people may often associate conservatorships with older populations, one celebrity's conservatorship demonstrates that some younger people also have conservators managing their finances.
Many people realize the importance of planning ahead for the worst-case scenario. Whether or not people actually make plans for a worst-case scenario event is another matter. One woman, who is now a single mother, understands first-hand the difficulties that can arise when an unimaginable event happens and those important plans are not in place.
One month ago, singer Jenni Rivera died in a plane crash in Mexico. After a sudden death like hers, family members may look for an estate plan. Reports indicate that Rivera left a signed letter in which she named her sister as guardian of her two minor children and stated that her sister should manage her company and assets which are reportedly worth $25 million.
Many Miami-area residents have probably already considered their estate plans and what they want to happen to their assets when they die. For those who have not or who want to change their estate plan, a trust created by one man demonstrates just one way in which one's estate can be used to help others.