Demographic pressures and gaps in the long-term care system mean that many family members feel ethically, practically, and sometimes financially obligated to step into caregiver roles. In addition, many people have estate plans that do not clearly identify who will act or that have nominated people who are unprepared or unqualified for important roles. Read more to learn that advisors should consider conducting a “fiduciary audit” with their clients to assess the right fit for these important roles, available support systems, and possible professional alternatives if necessary.

When records are incomplete and money is not kept separate, even well-meaning choices can later be hard to explain or prove, especially after someone dies and family emotions run high. Read more to learn that such roles require clear boundaries, good documentation, and a basic system so a caregiver does not end up facing legal trouble for trying to help.

Backup Plans Are Loving Too: Encouraging Clients to Name Contingents

Real-life backups exist in the form of contingent decision-makers who are designated in advance to step in if a primary decision-maker cannot serve. These contingents function much like backup quarterbacks: prepared to act quickly, often under pressure, and sometimes when the stakes are high.

An estate plan that names only primary decision-makers may appear complete on paper. Read more to learn that without contingents, however, the plan lacks the depth needed to remain effective when circumstances change, much like a football team without a backup quarterback.

This information is for educational purposes only and cannot be considered legal advice, nor does the receipt of this newsletter create an attorney-client relationship.