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Guardianships are a complicated legal proceeding. Most people have no clue exactly how complicated and expensive they are. In some situations, however, a guardianship is required to manage the affairs of a loved one.

I frequently get calls about setting up a guardianship for a person who cannot manage their own affairs. Unfortunately, the people calling have no idea the expense involved in setting up a guardianship. Guardianships are complicated and time consuming. To put it simply, guardianships are very expensive. There are many steps involved in establishing a guardianship and a great deal of court involvement.

Hopefully, you recognize the issue before its too late to pre-plan. The time to seriously review all of a loved one's financial and estate planning affairs is in the early stages of Dementia or Alzheimer's. Progression of the degree of incapacity varies from person to person. Obviously, a visit to a physician for a diagnosis and treatment plan should be your first priority. Then a visit to an attorney should be next.

Pre-planning is necessary to avoid needing a guardianship. People live much longer these days, and Dementia and Alzheimers are a common issue families face with loved ones or themselves. Pre-planning to deal with incapacity is very smart.

This may sound surprising but almost everyone needs estate planning done in their lifetime. Whether you are a young couple with children, an older individual nearing retirement or a same-sex couple, having an estate plan in place can protect your assets and legacy.