When you aren’t able to manage your finances any longer, or appear that way to others, two things could happen. One is that a successor takes over management of your assets under either your Power of Attorney or Living Trust. The person taking over would be someone you appointed and usually is a family member, a friend, or a professional you’ve known. The second thing is someone goes to court and asks for a guardian to be appointed. This is most likely to happen when Adult Protective Services is notified of your situation and takes action to protect you. Unfortunately, in these cases a court more often than not will appoint a professional guardian, even when family members are able and willing to take over. A professional guardian charges fees, and there are many other criticisms of some professional guardians.
This web site is devoted to exposing some of the negative angles and the abuses in professional guardianship. A quick reading of the articles in it are a good way to become motivated to have your estate plan up to date, especially the Power of Attorney or Living Trust.