Contingency planning... Sigh
-
-
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.
-
Some progress has been made. I made contact with my oldest sister just before Easter (ran into my brother-in-law in a convenience store near where they live). Sister and grandchildren came to Easter dinner with my brother-in-law. I told them I'd like to get in touch with my nephew (their son) to see if he and/or his wife would be willing to be Executor/Trustee/Attorney-in-Fact in some combination. So I'll be contacting him next week.
Last Tuesday I met with a place in WRJ, Vt. that offers Guardian, Executor, Administrator, Agent, Trustee, Consultant services. It was an interesting half-hour get-to-know-how-they-work interview (free) and I came home with their fee schedule. Apart from reservations about continuity (what happens if they place goes bankrupt after they've received a chunk of my money?), I feel comfortable that they would carry out my wishes as desired.
They have a flat reservation fee (for future services) of $1200. When the time comes that they need to act on my behalf, their hourly rate for $275 for the above mentioned services, and $150/hr or $175/hr for admin work.
If that's all there was to it, I'd be very inclined to sign with them. However, as of this year (2026) they will be billing an annual maintenance fee of $1000. If I knew I only had 10 years left (I hope not... I mean, I hope there's more!) I'd seriously consider it. But 20 years? 30 years? That adds up to a big chunk of change, for doing what every year? Being prepared? (On the other hand, the firm managing my retirement account gets paid more than that, albeit, they are growing, hopefully, my account.) Also, it's asking strangers to manage my personal affairs, so I expect to pay reasonably for that. I just don't know if it's too much?
So next step is talking with my nephew. Maybe they'll be happy to manage it all. If not, then maybe power-of-attorney. The responsibilities may get split.
I got a letter from the lawyer I met with last October to set up the trust asking me if I was still interested. Heehee. Yeah, it's already been 6 months! I told them yes and that I should have concrete plans reasonably soon.
Hate all this stuff.
Oh, the other thing I've been working on is a spreadsheet of all my possessions. It may become the basis for an auction after I've gone. Or before.
-
Bernard, I've just been through the wringer you're describing: trust, trustee, secondary trustee, power of attorney, and medical power of attorney. It's a long, intensive, and expensive process. My advice is to take it step by step, be patient with yourself, take the time you need, and be encouraged that you will accomplish your goals. It can be confusing at times. It can be frustrating. It can seem endless. You'll get there, just don't rush anything. I'll be holding a good thought for you.
-
It's done! I'm so relieved; I've not really enjoyed the process. Signed the revocable trust (and all accompanying documents) today. I still have to make appointments with a couple local funeral homes to discuss their offerings. I just want them to make sure I'm dead! That story from Spain (I think) this summer!
-
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login