Whose Estate Is It? Yours!!
It’s all about Control….
By Marguerite Lorenz, CTFA, CLPF #319
As a Private Trustee and Executor, I see all kinds of families, elders and situations. I’ve seen the benefits of planning ahead and the disasters of avoiding the topic (aging, death, incapacity, money, etc…).
Here are 5 good questions to ask your estate planning attorney about staying in control, when your body no longer cooperates with you:
- When I become too sick to pay my own bills or to maintain my home, what happens exactly?
- How do I stay in control, if I am not the one paying the bills?
- My family/beneficiaries are not good with money, what can I do to protect them from themselves?
- How do I know I have enough money to stay in my home, no matter what?
- Is there a way to donate to charity, but still have enough for my needs for the rest of my life?
You may be worried about being a burden to the loved ones and friends around you. You may feel that you are “weak” or somehow “less than” if you ask for help. I have seen many elders isolate themselves, so no one else sees their struggle. The result is that the struggle is much worse than it has to be! Here are some suggestions I make to my clients about the upcoming life changes:
- Begin the practice of asking for assistance (with lots of “Please” and “Thank You”).
- Start learning new ways to get things done, if you couldn’t walk or drive.
- Find out what it really costs to have the care you need, when you need it.
The goal is to stay in control. In upcoming articles, I will be offering you more tips on staying financially safe, how to find and work with good professionals and living well, even if you don’t feel well.
The landscape of life can change in an instant. You have probably seen what has happened to friends or loved ones who just never thought “this” would happen to them. Think of an umbrella; if you have one on a sunny day, great. If you don’t have one, when you need it, you have avoided a simple tool which would have made you so much more comfortable. Your complete, signed, estate plan is your life’s umbrella!
Having your preferences in writing makes it possible for your life to continue along, with as much stability and continuity as you can have, because you thought about it and put your desires in writing. There is no substitute for a well written estate plan, implemented by someone who knows what to do and when to do it!
Keep expressing your value to others with your good self care,
Marguerite Lorenz
Marguerite C. Lorenz, CTFA, CLPF #319: Since 2003, Ms. Lorenz has been a partner in Lorenz Fiduciary Services, Inc. (LFS), and has served as a Professional Trustee and Executor on over 100 cases. Ethics for Trustees, written by Jane and Marguerite Lorenz, gives further understanding to the work of a Fiduciary, and its ethical considerations.
Marguerite Lorenz is a regular guest blogger for Vets for Elders, Inc. and is an advocate for education, and protection of seniors.
