There is a line in a Rush song that goes, “If you choose not to decide, you still have made a choice”. That is the gist of this article, written by Lora Johnson, an Estate Planning Attorney, who warns of the potential consequences of deciding not to decide.
Trustworthy Decision Makers, By Attorney Lora Johnson
Recently I was speaking with clients and was disturbed as they discussed their lack of trust in their son in making their financial decisions for them in the future. They told me that they “couldn’t trust him” but that they didn’t really have any other options.
I understand that the decision about who will be appointed to make decisions for you in your stead is probably one of the most important decisions you will make. I also understand that having to make this decision is sometimes the thing that stops people from doing their estate planning. However, if you don’t make the decision you really ARE making a decision. You are making the decision not to decide. The decision you are making is that you will let the courts decide for you. You are also making the decision that you and your estate are willing to pay the court or the government what I consider exorbitant fees and costs for the privilege of making these decisions for you. And sometimes, frankly, they don’t make the best decisions due to lack of time, information and resources … Read more at Johnson and Associates