Many families assume a conservatorship is the standard next step when a loved one’s health declines. In Maine, a guardianship usually covers personal matters like living arrangements; court-ordered financial management is known as a “conservatorship” (aka “financial guardianship” in some states). It’s usually a last resort for someone who can no longer manage their assets.

When Laura's mother came home after hip surgery, Laura used two weeks of vacation helping with therapy, meal prep, and travel to appointments. When the time ran out, she faced a dilemma: return to work and leave her mother alone, or take unpaid leave and fall behind on bills. Maine's new paid family medical leave program (PFML), which opened for applications recently, aims to eliminate such decisions. The law goes into effect on May 1st. Under the program, eligible employees and the self-employed may take up to 12 weeks of paid leave to care for a loved one.

Personal finance expert Dave Ramsey has joked that to show you hate your family, "leave unclear instructions and no will." Without knowing your final wishes, those close to you could fight over your estate or wind up paying your end-of-life costs themselves. If your loved ones struggle to manage the probate process, the burden may also affect them physically and emotionally.

Can you make decisions for your young adult child if they have an accident or become seriously ill? When a child has reached the legal age of adulthood (in Maine, that's 18 and older), parents have fewer rights over them than they do over minors. An advance directive and a durable power of attorney authorize you to act on behalf of your child. If you haven't made any incapacity plans yet, you can both secure your futures together, and you'll feel better that you're protecting your rights and your child's needs.