February 17, 2022
Within a few months, we had one client pass away, two clients require skilled nursing, and one diagnosed with cancer. In all but one case, the people appointed to handle their finances were unprepared for the tasks ahead.
Let’s be honest, dying is difficult to discuss and, in some ways, incapacity even harder. Yet it seems a disservice not to speak to those you are trusting with your money.
In the case of the deceased, his wife had her own health issues. As an aside, we had urged the husband to consolidate his accounts but he was reticent to do so. A brother and niece stepped in to help. No one knew where to find the paperwork, if accounts were still active, etc.
In the situation dealing with capacity issues, the first case involved unacknowledged declining mental acuity and in the second case it was sudden. In both cases, money was needed for their continuing care but no one had access to the funds except the owner of the accounts – the incapacitated party.
The most obvious action is to have a conversation with your agent (through the Durable Power of Attorney – DPOA) to handle your financial affairs and/or your successor trustee. At minimum, provide them with a list or tell them where you keep your list of the following items:
Give them the opportunity to ask questions.
The most recent client diagnosed with cancer is doing a wonderful job of discussing the situation with her children, updating her trust documents, etc. Financial Connections is working her attorneys so beneficiary designations and account titles are correct.
Financial Connections makes its staff available to journalists to share knowledge.
READ MORENo Hidden Costs. No Referral Fees. No Commissions.
As a fiduciary, we put our clients' interests first. Our compensation comes exclusively from you. If we don't directly provide a particular service, we can serve as a resource for referrals to other professionals.
Download the fee schedule Download Disclosure Form ADV Parts 2 & 3You are leaving www.FinancialConnections.com and will be automatically redirected to the link you clicked.
Changed your mind? Go back to www.FinancialConnections.com
Cookie | Duration | Description |
---|---|---|
cookielawinfo-checkbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checkbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |