In our experience it is particularly critical for those living international lifestyles to set out their wishes if their health should decline for any reason.
After many years estranged, his first wife was left in charge of decisions about managing his assets The situation was extremely challenging for the whole family, however we were able to support them and the businessman in assessing what their options were.
At least that individual’s affairs were based largely in one country. In our experience it is particularly critical for those living international lifestyles to set out their wishes if their health should decline for any reason. Having plans and people who will look after you in one location does not mean that you will be protected in another; the law is often different and the outcome uncertain as a result.
It is not always easy thinking about life not turning out as we expect but it is always better to have prepared for the worst. That is especially true for those who run companies or have complex family situations. In a business that is still being run by its founder, an event that leaves them unable to make decisions for any period of time could cause chaos. Often they know what they want to happen on a corporate level but have not considered how that interacts with their family life and different relationships. Equally, where someone has a family who rely on them to a significant degree, it could be debilitating for everyone if that person loses capacity.
The most important thing any of us can do to protect ourselves is to be realistic about our limitations and think ahead to problems that may arise.