Although longer and better lives have become more possible, for more people, it’s not a given that grandparents, parents, aunts, uncles–or anyone–will safely make it to 100 (or more). It’s always a good idea for younger relations and friends to check in on care, financial and estate plans–and it is possible to do so without being a nosy nuisance.
Toward Better Aging
The MIT AgeLab poses a thought-provoking question: “In 1900, life expectancy for much of the industrialized world was under 50. Today, living well into one’s 70s, 80s and beyond can be expected. How will we spend and make the most of our 30-year longevity bonus?” For the AgeLab, the answer depends on how well we are able to
“invent new ideas and creatively translate technologies into practical solutions that improve people’s health and enable them to “do things” throughout the lifespan.” In other words, we are no longer just aiming for longer lives–we want better aging, and toward that end, effective, advanced estate planning is crucial.
Though raising questions about financial and care plans can feel awkward, having elderly loved ones comes with the responsibility of understanding their plans. It is possible to be involved without overstepping. For starters, to support elders with their care and estate plans, ask questions, listen carefully to responses, and follow up appropriately. Consider these areas of inquiry to get estate planning conversations going:
Does your aging loved one have an estate plan in place? At a minimum, your loved ones will want to have a durable general power of attorney in place for finances along with a health care power of attorney, living will, and advance directive. These documents allow a loved one to appoint trusted individuals to help with financial and health decisions if necessary.
Does your aging loved one have any medical directives with their health providers? Your loved one may have created a DNR or MOST form with their physicians. Trusted individuals may need to know about these documents and the names of health care providers in order to carry out a loved one’s wishes.
Depending on responses to these first two questions, it’s also a good idea to ask who knows where the documents are, as well as who has been appointed as the fiduciaries who will administer the plans. The more prepared designated loved ones and professionals are with accounts, contacts and other necessary information, the better plans can be attended to if and when life events become more stressful. Three further estate planning questions are:
Does your aging loved one have a preference for living arrangements as their needs change? Find out whether your loved one wishes to age in place at home or whether a senior living community is a better fit….Consider resources to assist with meal preparation, medication management, housekeeping, hygiene needs, and home maintenance….
Does your aging loved one have existing health challenges? Understanding what health challenges they are facing can help you better assist them. Learn who their providers are and what their health insurance plan provides.
Does your aging loved one have personal values they wish to be carried out? Learn how your loved one defines a “good life” and see how to ensure that value is carried out for them. What relationships or support systems do they want or need? Understand your loved ones’ preferences for religious involvement.
Fiduciaries and Fiduciary Bonds?
Depending on location, circumstance and the details of estate plans, fiduciaries may be referred to by a variety of specific names, such as executor, personal representative, and trustee. Underlying the details and tasks each of these fiduciaries becomes responsible for, is a shared, legal responsibility to put the affairs of the estate and its beneficiaries ahead of personal interests. All fiduciaries are held to high standards, encompassing the duties of loyalty, care, good faith, confidentiality and prudence.
When it comes to selecting the fiduciaries who will execute a will or administer a trust, it’s common to appoint a relation or friend. Sometimes, appointing a professional fiduciary also makes good sense, and can relieve relations and friends from excess worry and stress. Because all fiduciaries have significant, legally binding responsibilities, a type of bond, generally referred to as a fiduciary bond is often required. Depending on the specific responsibilities to be undertaken, the bond may alternatively be referred to as a trustee, personal representative, or executor bond. The essential purpose of every type of fiduciary bond is to serve as a guarantee that duties will be carried out in accordance with the law, and in the best interests of beneficiaries.
Colonial Surety makes it easy and speedy for fiduciaries in every state of the country to obtain their bonds: simply: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere.
Obtain Digital Fiduciary Bonds HERE
Estate Planning Attorney?
Colonial Surety Company makes it quick and easy to obtain fiduciary bonds of all kinds. A user-friendly online service allows you to quote and obtain a bond that is instantly available to download or e-file.
Attorneys can help clients secure court and fiduciary bonds with a few clicks on The Partnership Account® for Attorneys. Just select the bond needed, send it to your client for payment, and then download, e-file or print the bond.
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