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Personal Finance and Investing

Lulu KC

(4,215 posts)

4. Two people

Reply to albacore (Original post)

Fri Aug 16, 2024, 07:48 PM

Aug 2024

Last edited Fri Aug 16, 2024, 10:00 PM - Edit history (1)

Estate attorney so if something happens to you she will be cared for plus a financial advisor.

Our estate attorney created a trust and everything managed by the financial advisor is in the name of the trust. That way if one of us goes first, the other one can readily access assets. The estate attorney also helped us figure out who we trusted to help if both of us were incapacitated at the same time. If you don't have a family member or friend who would fit that description, the attorney can watch out for your wife if (God forbid) something happened to you.

Friends or even friendly acquaintances are the best sources of names for these professionals.

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I'm old...and not well. Worried about my wife's finances after I'm gone. She has early dementia.... [View all] albacore Aug 2024 OP

you need to setup a irrevocable trust drray23 Aug 2024 #1

This Joinfortmill Aug 2024 #10

drray23 is spot ON.... democratsruletheday Aug 2024 #17

all of those are available including trusts. do a google search using those subjects. are there any senior centers in msongs Aug 2024 #2

Yes to the will. Selling her the idea of somebody controlling her money is a non-starter at this point. nt albacore Aug 2024 #5

Try an estate manager. sinkingfeeling Aug 2024 #3

Two people Lulu KC Aug 2024 #4

Rather than friends or acquaintances, I would advise your local bar association. lastlib Aug 2024 #21

I'd agree that it's always good to check the local bar association site about an attorney Lulu KC Aug 2024 #23

I totally agree Abstractartist Aug 2024 #6

Call a local social worker. They may be able to refer applegrove Aug 2024 #7

Go to Bogleheads.org. Read for a bit. Look at their Wiki. When marybourg Aug 2024 #8

I concur... Alephy Aug 2024 #13

I just came back to this thread. THANK YOU for the Bogleheads tip. Very useful. nt albacore Aug 25 #27

I have a recommendation, but she is here in Seattle. Might be worth consulting for guidance on options tho pat_k Aug 2024 #9

Do you have an attorney? A trusted banker? Botany Aug 2024 #11

This isn't a situation for random searching. You need a trusted lawyer for every phase. enough Aug 2024 #12

Don't know where you live but I hired an attorney that works with retired/elderly people Deuxcents Aug 2024 #14

Elder law resource TommyT139 Aug 2024 #26

absolutely critical that you get professional help Skittles Aug 2024 #15

I'm really sorry to hear about your wife's situation, yours and the worry you might be feeling. mahina Aug 2024 #16

Very informative n I hope to take advantage Deuxcents Aug 2024 #18

You bet! mahina Aug 2024 #19

Aloha, mahina .. I just now got an email with the pdf version attached! Deuxcents Aug 2024 #22

Thanks for all the good suggestions, DU folks. It's what we can depend on here...good folks. nt albacore Aug 2024 #20

Are none of your kids trustworthy? Happy Hoosier Aug 2024 #24

It's complicated. Both kids are trustworthy.. but... albacore Aug 2024 #25