Be Careful Who You Choose as Your Trustee
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Q. One of my top priorities for 2020 is to get my estate planning documents in order. Before doing so, I plan to discuss my wishes with family members over Christmas, although as a single woman without children, I don’t have too many of them.
I know that when I begin my planning, I need to select people who will serve as trustees of my trust and agents under my powers of attorney – people who will look out for my best interests. Not knowing who to choose is one of the reasons why I have been putting off doing my estate planning in the first place.
Recently, I read an alarming story about a man in Michigan who was chosen as trustee for his 92-year-old mother who is in a nursing home. The man took full advantage and spent six million dollars of her money, buying fancy cars and other luxuries, and was not able to account for the expenditures. I was glad to see that he is now incarcerated and being held and fined each day for not furnishing
receipts for what he spent the money on, but this type of thing concerns me. I’m sure the woman thought she could trust her son when she named him as her trustee!
I have a niece and a nephew who could serve as trustees, but I don't know them very well. How can I tell if either of them, both of them, or perhaps a friend or a professional, would be the best fit? Is there a list somewhere of things the trustee does so I can show them when I talk with them about it? Thanks for your help!
Critter Corner: How to Broach the Topic of Estate Planning During the Holidays
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We are hosting Christmas dinner this year and the entire family will be there. While we are all in one place, I was thinking it would be a good time to talk about estate planning and incapacity planning. What is the best way to broach the topic without causing family strife?
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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