Why You Should Have an Advance Health Care Directive

Articles, Elder Preparedness

Many parts of life planning require a discussion of uncomfortable topics. Drafting your advance health care directive is no exception. No one likes to talk about “end of life” preferences. However, having an advance health care directive can ensure that your preferences are carried out when you are unable to make your own health care decisions. An Advance Health Care Directive is a legal document outlining your health care choices.

Elder Preparedness Should Include Money Management Services

Articles, Elder Preparedness, Fiduciary Services

In many cases, when senior citizens need help in managing their money, adult children or other relative step in, but oftentimes, the children live too far away or just don’t have the time due to their own busy schedules. Whether it’s just balancing a checkbook or a monthly reminder of bills that are due, the process of elder preparedness should include money management services.

Basics of Trust Administration

Articles, Fiduciary Services, Trustee Assistance

To get a better grasp of the trust administration process, it is important to have at least a basic understanding of what a trust is and how it can function in the estate planning process. A trust is a legal mechanism frequently used in estate planning, not only to manage property assets during a person’s lifetime, but also to distribute assets after death. A trust can distribute estate assets to several different people or entities and also set conditions as to when and how much each beneficiary will receive.

Elder Preparedness Requires Good Recordkeeping

Articles, Elder Preparedness

Care for the elderly can be quite stressful and at times completely overwhelming. A caregiver or potential caregiver can avoid a considerable amount of elder care stress by taking a proactive approach in organizing and planning for the unplanned events in life. It is very important to get all paperwork and legal papers in order while the aging person in your life is still well, if at all possible.

Trust Administration

Articles, Trustee Assistance

A trust can be a valuable tool in your estate planning in the right circumstances, and is critical to carrying out your wishes when you pass away. Trusts can give you the ability to immediately transfer assets and provide for beneficiaries without the need for probate. A trust sets up a legal relationship in which property or assets of the grantor are held by the trustee for the benefit of the beneficiary.

Elder Preparedness: Entering the Unknown

Articles, Elder Preparedness

If you have parents or grandparents who are in their declining years, you may begin to feel overwhelmed by the magnitude of changes that are taking place in their lives. It is truly a time of entering the unknown, because none of you has likely experienced this before in the roles you now occupy. Their independence begins slipping away as simple tasks—shopping, driving, preparing meals—suddenly become unmanageable because of increasing forgetfulness or a broken hip from a fall.

Dementia Primer

Articles, Elder Preparedness

Dementia is a general term for loss of memory and other mental abilities. It has always been a common affliction among the elderly, but has become more and more prevalent in recent years. Awareness, acceptance, early treatment and intervention are crucial to help slow and manage the effects of this potentially devastating problem.

Conflicts of Interest and the Duty to Use Skills

Articles, Trustee Assistance

It is essential that a trustee exercise an extreme amount of caution when dealing with the trust and its assets. The personal duties of a trustee start with the most important: never, ever, under any circumstances commingle estate funds with the trustee’s personal funds. This is an essential component of the duty to avoid a conflict of interest. A trustee must be aware of and avoid any situation that creates a conflict of interest with the terms of the trust and the duties of the trustee.