Solving Life's Next Chapter Podcast - Cutting Edge Information for Your Powerful Senior Years
Remember college shopping with your kids to find the best school for them?
Or, the other milestone of getting married and you had to find the place for your wedding and all the accoutrements?
Navigating the unknown is tricky, at first. So knowing the issues and milestones as you age and how to make good choices to address them for your aging parents or even for yourself is critical.
Have you shared how you want you want your golden years to look with your family? Does your family know what you want to happen when you are no longer here?
Do they know your wishes about your health care so they can help you in the best way possible if you are unable to tell them when that time comes?
What about your plans for living when you can no longer live alone?
Knowing these personal choices and the answers to these questions is a guessing game. Plus, just like paying for your dream wedding was a concern, so is paying for in-home help as you age. And moving to a home that offers assistance on the campus such as an assisted living community can also be pricy. What's involved in downsizing to a smaller home so that you can liquidate some equity to help pay for future services, such as caregivers? Or what kind of plan is needed to manage daily life if a family member receives a dementia diagnosis?
Did you know there are dozens of ways to answer these questions? There are!
But, which are YOUR best answers? Few of us ever thinks about managing aging issues, but the truth is, it happens to every person in every walk of life, every single day. There are 60,000 baby boomers turning 65 EVERY SINGLE DAY.
Listen to our Solving Life's Next Chapter Podcast and get to know me and my vetted, friendly guests who have answers we all need and ideas we can weigh as we age or as we help our parents age.
Let's Solve YOUR Life's Next Chapter together!
Solving Life's Next Chapter Podcast - Cutting Edge Information for Your Powerful Senior Years
3 Things Missing from MOST Living Trust!
Today we speak to Francisco Siervent, Owner of Keystone Law Firm speaking on the 3 Thing missing from Most Living Trust. Let's dive into these 3 missing items.
1. Don't Avoid Living Probate - within a living trust, there is verbiage that informs your loved ones if something were to happen and you become incapacitated such as a Stroke, Dementia, Head Injury, or any other reason you could not make decisions for yourself. This is called a Guardianship. A Guardianship is when someone needs to step in and help make decisions for medical, medication, or you're all over health and well being. The other part of this would be a Conservatorship. A Conservator is someone who would help make financial decisions and help pay for the bills of the loved one.
In Arizona, we are one of the few states with Mental Health Power of Attorney. When someone does not have these documents within their Living Trust, even when they are living, they would need to go to the Probate Court and have the Courts assign a Conservator and Guardian. This can be very messy and extremely expensive. When coming from another state, check into the Mental Health Power of Attorney's as some state may not require this document.
2. Doesn't get Created Early Enough - When there is a situation with an urgent problem, such as someone is in Hospice or has been given a short amount of time to live. When someone is in this situation, it's hard for a loved one to put a Trust together. What Fransico explains that when in this situation, a Will, which is written instructions, is needed. At this point, the person will still go to Probate, but the instructions will be in writing so the Probate Courts will at least know what direction to go. This isn't the most ideal situation, but at least you have something written for the Family, Attorney, and Court to go by.
3. Too Complicated to update them - Many families who had made Trust years ago, don't think or don't want to get a review because they feel it will take too long, be too expensive, or just don't want to make any more decisions about their Trust. Francisco explains that it's easier then you think. Many times you just need to amend the Trust you already have or just add the documents, such as the Mental Health Power.
Francisco explains that the easiest way to get started either in the beginning or when updating a Trust, start with a few small steps such as asking these two simple questions, "Who's in Charge" and "Where do my items go". These questions will at least get you the bare minimum of how to start with a Trust. Then each year start to add more to your Trust. Francisco's law firm, Keystone Law meets with their families yearly like a CPA to go over any changes that may have happened in the past year. Keystone Law Firm is also one of the few Law Offices that guarantee you will not end up in Probate with their yearly checks.
Please Contact Keystone Law Firm at 480.209.6942
2701 W Queen Creek Rd #3, Chandler, AZ 85248
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