Planning for the day when you're no longer in control of your money is not something most people want to do. But neglecting this important step could lead to undue struggles and even scandal.
The tale of billionaire heiress Liliane Bettencourt, of The L'Oreal Group fame, can serve as a warning to any investor. Following some questionable (and pricy) gifts, Bettencourt was deemed unfit to manage her own money. If she had taken some simple steps, the whole public affair could have been avoided.
But one other factor played into the Bettencourt "scandal" -- dementia. With more people expected to develop dementia, it's another reason for the savvy investor to plan ahead. The slideshow below will give you a glimpse of the stress that being ill-prepared for a financial transition may create, as well as how you can plan ahead for your own transition.
Jessica Alling has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.