Contingency planning... Sigh
-
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?
-
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
-
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.
Related:
Now I kind of know what to ask an estate planning attorney about…
-
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.
-
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. -
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.
@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/
-
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.@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.
-
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.
-
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?
-
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?
@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".
-
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
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.
-
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.
-
Some interesting bogleheads discussion about selecting a successor trustee.
