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Contingency planning... Sigh

Scheduled Pinned Locked Moved Off Key - General Discussion
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  • AdagioMA Offline
    AdagioMA Offline
    AdagioM
    wrote last edited by
    #3

    We have done this, and updated, too! An elder law attorney can help you. I just had her update my mom’s trust. Now I have to retitle some of her accounts at the bank. I now have power of attorney, too.

    We have kids, so they’re in the lineup. I don’t know what I’d do if we didn’t have interested parties.

    Would your attorney be willing to be a successor trustee? Is that legal?

    1 Reply Last reply
    👍
    • wtgW Offline
      wtgW Offline
      wtg
      wrote last edited by wtg
      #4

      Not sure about an attorney doing it.

      The successor trustee would need to manage our financial life. Paying bills and managing our investments. A trust company could probably do that and I think might be cheaper than an attorney but I haven’t done any in depth research on this. We asked about this when we revised our trust probably 20 years ago and named a bank that our attorney recommended, but that bank no longer exists because it was acquired/merged.

      I also ran into some people from a service that sort of steps in and does a lot of things that family might do. They were representing a resident in the place where my Mom was and they seemed to do a pretty good job. I need to find the business card and see if they are still around.

      With boomers aging and families separated by distance, I’ve got to think there are businesses out there filling these gaps

      When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

      wtgW 1 Reply Last reply
      • wtgW Offline
        wtgW Offline
        wtg
        wrote last edited by wtg
        #5

        I learned some new terminology from this article. Trust Protector and Professional Fiduciary.

        This outfit is in California. I need to figure out if there are equivalents in Illinois.

        https://lawvex.com/what-if-i-dont-have-any-family-or-friends-to-be-my-executor-trustee-can-lawvex-do-it-for-me/

        Related:

        https://wilsonlawplc.com/choosing-the-right-executor-or-trustee-when-you-do-not-have-a-trusted-family-member/

        Now I kind of know what to ask an estate planning attorney about…

        When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

        1 Reply Last reply
        • DougGD Offline
          DougGD Offline
          DougG
          wrote last edited by DougG
          #6

          I just updated all my trust stuff last year so I’m just in a cycle of having to updated every couple years now. in the past I’ve actually had friends without kids name me as their successor trustee because I’m experienced in tax and investments and am/was intermittently honest. As I got near retirement age, I had them all move to professional trustees as the odds of me being around for many decades decreased.

          generally, for finding a trustee they liked, I suggested they start with wherever they held most of their investments. I generally prefer the trust departments at the investment companies over the banks, (no problems with honesty or ethics with the banks, just continuity questions of who the hell they will actually be dealing with by the time they’re needed.) At least one friend has been very happy with the trust department at Fidelity, who works closely with their investment advisor.

          wtgW 1 Reply Last reply
          👍
          • A Offline
            A Offline
            AndyD
            wrote last edited by
            #7

            Hmm, "arrangements for the birds" made me stop and think, what about our two dogs if we had a fatal car accident today?

            Two adult daughters inherit equally and our sisters are executors; but could any of our immediate family take even one of the dogs? Extended family perhaps. Otherwise they'd have to be found homes and I'd like to think attractive kennel club border collies would be snapped up for breeding if nothing else.

            Hmm.

            I guess trusts & investments are best left to solicitors. Certainly one of my childless Aunts who left the usual house & cash, also had a million in shares; so she appointed her solicitors as joint executors who were instructed to deal with those shares, the tax, and all prepaid funeral arrangements.
            This ensured the nephew's executor part of the job was a doddle.

            wtgW 1 Reply Last reply
            • DougGD DougG

              I just updated all my trust stuff last year so I’m just in a cycle of having to updated every couple years now. in the past I’ve actually had friends without kids name me as their successor trustee because I’m experienced in tax and investments and am/was intermittently honest. As I got near retirement age, I had them all move to professional trustees as the odds of me being around for many decades decreased.

              generally, for finding a trustee they liked, I suggested they start with wherever they held most of their investments. I generally prefer the trust departments at the investment companies over the banks, (no problems with honesty or ethics with the banks, just continuity questions of who the hell they will actually be dealing with by the time they’re needed.) At least one friend has been very happy with the trust department at Fidelity, who works closely with their investment advisor.

              wtgW Offline
              wtgW Offline
              wtg
              wrote last edited by wtg
              #8

              @DougG said in Contingency planning... Sigh:

              I just updated all my trust stuff last year so I’m just in a cycle of having to updated every couple years now. in the past I’ve actually had friends without kids name me as their successor trustee because I’m experienced in tax and investments and am/was intermittently honest. As I got near retirement age, I had them all move to professional trustees as the odds of me being around for many decades decreased.

              generally, for finding a trustee they liked, I suggested they start with wherever they held most of their investments. I generally prefer the trust departments at the investment companies over the banks, (no problems with honesty or ethics with the banks, just continuity questions of who the hell they will actually be dealing with by the time they’re needed.) At least one friend has been very happy with the trust department at Fidelity, who works closely with their investment advisor.

              Thanks, @DougG . Good info.

              I'll also check out Bogleheads; they have a lot of good discussion on topics like this. Here's one thread:

              https://www.bogleheads.org/forum/viewtopic.php?t=406170

              And there's a subreddit about the services:

              https://www.reddit.com/r/fidelityinvestments/comments/1c5p260/personal_trust_services/

              When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

              1 Reply Last reply
              • A AndyD

                Hmm, "arrangements for the birds" made me stop and think, what about our two dogs if we had a fatal car accident today?

                Two adult daughters inherit equally and our sisters are executors; but could any of our immediate family take even one of the dogs? Extended family perhaps. Otherwise they'd have to be found homes and I'd like to think attractive kennel club border collies would be snapped up for breeding if nothing else.

                Hmm.

                I guess trusts & investments are best left to solicitors. Certainly one of my childless Aunts who left the usual house & cash, also had a million in shares; so she appointed her solicitors as joint executors who were instructed to deal with those shares, the tax, and all prepaid funeral arrangements.
                This ensured the nephew's executor part of the job was a doddle.

                wtgW Offline
                wtgW Offline
                wtg
                wrote last edited by wtg
                #9

                @AndyD said in Contingency planning... Sigh:

                Hmm, "arrangements for the birds" made me stop and think, what about our two dogs if we had a fatal car accident today?

                We don't have any pets these days, but when we did we worried about this, too. We asked a very close friend and our vet (they knew each other) to work together to find new homes for our pups should something happen to us.

                When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

                1 Reply Last reply
                • wtgW Offline
                  wtgW Offline
                  wtg
                  wrote last edited by
                  #10

                  I posted about a product called Nokbox a few months ago: https://wtf.coffee-room.com/topic/2009/nokbox?_=1760715024543

                  Although there nothing magical about Nokbox, it's nice that someone else has put some thought into what needs to be addressed. It's not a bad alternative to jump start organizing all this "stuff". Definitely look out for deals, especially around Black Friday. The regular price is crazy.

                  When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

                  1 Reply Last reply
                  • C Offline
                    C Offline
                    CHAS
                    wrote last edited by CHAS
                    #11

                    I have it all figured out.
                    When the time comes, I am going to leave for Saturn. When I get to the rings will become stardust and settle into one of the rings.
                    Simple. No?

                    Am I a child of the 60s or what?

                    "The man that hath no music in himself, nor is not moved with concord of sweet sounds, is fit for treasons, stratagems and spoils;” - Shakespeare

                    wtgW 1 Reply Last reply
                    • C CHAS

                      I have it all figured out.
                      When the time comes, I am going to leave for Saturn. When I get to the rings will become stardust and settle into one of the rings.
                      Simple. No?

                      Am I a child of the 60s or what?

                      wtgW Offline
                      wtgW Offline
                      wtg
                      wrote last edited by
                      #12

                      @CHAS said in Contingency planning... Sigh:

                      When the time comes, I am going to leave for Saturn.

                      😁

                      I have a friend who worries about getting dementia, and every time she forgets a word or her train of thought derails, she wonders if it's time for a "trip to Mallorca", aka "The Great Beyond".

                      When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

                      1 Reply Last reply
                      • wtgW wtg

                        Not sure about an attorney doing it.

                        The successor trustee would need to manage our financial life. Paying bills and managing our investments. A trust company could probably do that and I think might be cheaper than an attorney but I haven’t done any in depth research on this. We asked about this when we revised our trust probably 20 years ago and named a bank that our attorney recommended, but that bank no longer exists because it was acquired/merged.

                        I also ran into some people from a service that sort of steps in and does a lot of things that family might do. They were representing a resident in the place where my Mom was and they seemed to do a pretty good job. I need to find the business card and see if they are still around.

                        With boomers aging and families separated by distance, I’ve got to think there are businesses out there filling these gaps

                        wtgW Offline
                        wtgW Offline
                        wtg
                        wrote last edited by wtg
                        #13

                        said in Contingency planning... Sigh:

                        I also ran into some people from a service that sort of steps in and does a lot of things that family might do. They were representing a resident in the place where my Mom was and they seemed to do a pretty good job. I need to find the business card and see if they are still around.

                        The people I interacted with were from Sprau Advocate Group, which has now become My Personal Bookkeeper. We don't really need this level of attention right now but it's good to know there are services like this out there.

                        https://www.mypersonalbookkeeper.com/

                        I haven't looked into them in detail but thought I'd post the info in case anyone else is interested in the overall concept of using services like these.

                        When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

                        1 Reply Last reply
                        • B Offline
                          B Offline
                          Bernard
                          wrote last edited by
                          #14

                          I haven't had time to check out all the links yet, but it looks like some good stuff. Glad I started the thread, too, wtg.

                          The industrial revolution cheapened everything.

                          1 Reply Last reply
                          • DougGD Offline
                            DougGD Offline
                            DougG
                            wrote last edited by
                            #15

                            The difficult part of the contingency planning for me is not the finances and trust. All three kids are capable and willing to handle things on that front if I need them.

                            What I need a contingency plan for is if something comes up where it’s difficult to live by myself, even for a period of time. I live alone ,with my children thousands of miles away, in a neighborhood where I don’t know anyone. I’m at an age where I’m constantly reminded of this. three of my closest friends have had an event in the last year that impaired their independence. The one with a daughter living next-door to her has quite a bit of time to figure out what she wants to do next. the other two had to scramble to find someplace more workable to live in a very short timeframe.

                            So I figure the next move I make,whenever it is , is to some form of more communal living. I’d like to put that off as long as possible, but if you shop potential spots the nice ones have considerable waiting lists.

                            1 Reply Last reply
                            • wtgW Offline
                              wtgW Offline
                              wtg
                              wrote last edited by
                              #16

                              Some interesting bogleheads discussion about selecting a successor trustee.

                              https://www.bogleheads.org/forum/viewtopic.php?t=423874

                              When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

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