To Liz, please:For a large portion of that time, my 37-year partner and I have shared a revocable living trust.
Since one of our successor trustees has died away and the other is getting older, it has become important to update them. It has been mentioned that we should designate younger individuals who are more likely to be present when the situation calls for it. This is getting to be the challenging phase.
We both have a single sister, but since she is elderly, she is not the perfect long-term partner.
Additionally, out-of-state nieces and nephews are not the best option. I’m considering assigning this work to an accounting or legal firm, but I have no idea how to go about doing this.
Answer: This is a typical problem for single adults without dependable adult children who can step in in the event of disability or death.
Although there is no assurance, naming someone younger does improve the likelihood that they will be able to serve when the time comes. For this reason, Burton Mitchell, an estate planning lawyer in Los Angeles, advises his clients to prioritize naming the finest candidates over excluding others based on factors like age or location. He advises designating several substitutes as well. Your first option might not be available when you need it because things change.
You want replacement trustees who are honest, reliable, and trustworthy. They don’t have to be family; if they’re willing to assist, friends or professionals could make excellent candidates. Long Beach estate planning lawyer Jennifer Sawday advises you to inquire before selecting a tax expert, lawyer, or financial advisor because many are unable or reluctant to act in this capacity for clients.
You might also search for corporate or professional trustees, or you could use professional fiduciaries. For instance, your neighborhood bank might provide trust management services. It goes without saying that these alternatives would be more expensive than a friend or relative. Sawday advises speaking with an experienced estate planning lawyer who can suggest qualified fiduciaries or trust officers for you to speak with.
You might want to designate a friend or family member to make healthcare decisions for you in the event that you become incapacitated, even if you want to have a professional handle the financial aspect. In that situation, location could be important since the person advocating for you might have to travel fast to the hospital or spend a lot of time there.
Even in this case, however, naming the appropriate individuals—rather than necessarily the nearest ones—is more crucial. You want someone who will work to make sure your priorities are respected and who knows what they are. It might be more suitable for an older person who comprehends the idea of a good death than for a younger person who does not. (The Art of Dying Well by Katy Butler contains useful information for this decision.)
You still have time to change your situation if you don’t have enough trustworthy people in your life. Carolyn McClanahan, a licensed financial adviser and fellow single ager, suggests creating a mixed-age community. According to McClanahan, this entails volunteering and mentoring younger people beginning in your 50s in order to make care deposits.
“If you come from a giving place, that tribe is willing to take care of you as you get older,” she explains.
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Liz Weston, a Certified Financial Planner, writes a column for NerdWallet about personal finance.She can be contacted by phone at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or via the atasklizweston.com contact form.
