In Missouri, if you become disabled and lose the capacity to deal with your finances yourself, someone will have to establish a conservatorship over your finances. Doing so is expensive. If you have prepared a revocable trust or a durable power of attorney, a conservatorship is not needed and the person you have designated will handle your finances.
Can’t my spouse just take over my financial matters? Your spouse is able to manage joint accounts only. He or she cannot sign on your behalf for financial accounts under your name alone unless you have prepared a revocable trust or a durable power of attorney naming your spouse as the person who will handle your personal financial matters.
