During the busy holiday season, I met with two families. One mom was home from the hospital post-stroke; the other had Parkinson’s. Both had the same problem: they could no longer hold a pen. A notary can notarize a mark, and there is a way to notarize documents when holding a pen is impossible. It is easy to imagine that when this happens, you MUST have help paying your bills and taking care of business. The trusts and powers of attorney I create are designed to work when you are alive and need care.
The family meeting is mandatory. The meeting is designed so that there are checks and balances on the person managing the money. Typically, the person managing the money (trustee and agent for power of attorney) is required to provide bank statements and/or access to all online accounts to another sibling. Frequently, they sign an agreement with me stating that all communications with me can be shared, and we set up a once-a-month trustee mentorship meeting with the trustee and family where we go over any questions about expenses. The reason for this is that family members are among the top elder abusers. One way I keep clients safe is through forced accountability. Yes, I charge a fee for this. I truly believe it is invaluable. I sit in court at least once a week and see victims of elder abuse each time, hearing snippets of stories of children who stole money.
Protecting your money when you are alive is critical. A typical living trust provides no protection. Documents alone can’t protect you; people disregard them all the time. Accountability does. Those who must rely on others to pay their bills and manage their money need to know that someone is looking out for them to make sure that their money isn’t going to a child who uses it for themselves.
