Financial planning documents may become crucial in the event of disappearance or incapacity

In Asset Management in Absentia, published in the March 2008 issue of The Estate Analyst, Robert L. Moshman, Esq. discusses some of the lessons learned from the recent events of disappearance of Steve Fossett and appointment of conservator for Britney Spears:

What happens when there are assets worth tens of millions of dollars and the owner’s whereabouts are unknown?***

Optimally, even someone who does not engage in extreme risks should have basic financial planning documents in place to cover periods of mental or physical incapacity. Such documents can range from a simple power of attorney to more sophisticated trusts.***

The case of Britney Spears having her father named as her conservator illustrates other potential downsides to not having advance directives of some kind in place. For Ms. Spears, the choice of her father as conservator by her family and the courts may be diametrically opposed to her own preferences.***