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Alternatives for Dealing with Family's Financial Affairs When No One in Immediate Family is Able to Do So
Posted by: zkeith, June 23, 2015 01:51PM
I have a question about what alternatives are available for dealing with a family's financial affairs when, because of death or incapacitation, no one in the immediate family is able to make financial decisions on behalf of any surviving family members. Following is a list of alternatives that come to mind:

1. Create a trust to care for any remaining family member(s) who are incapacitated and then upon the death of the last surviving family member, have the trust take care of settling the estate. (I don't know whether a trust can be created to deal with a variety of "what-if" situations that haven't occurred at this point and perhaps never will.)

2. Work with a financial advisor who could deal with the financial issues when a family is confronted with death or incapacitation of family members, leaving no one available to deal with the living arrangements of any incapacitated family members and subsequently settle the estate when none are no longer living.

3. Ask a close family member (niece/nephew) to assume the responsibility for dealing with our financial affairs.

Are there other alternatives that we should perhaps consider?

Re: Alternatives for Dealing with Family's Financial Affairs When No One in Immediate Family is Able to Do So
Posted by: Art, June 23, 2015 04:35PM
Someone willing to handle the financial affairs could petition the surrogate/probate court to be appointed as financial guardian of that person.

Re: Alternatives for Dealing with Family's Financial Affairs When No One in Immediate Family is Able to Do So
Posted by: Alan S., July 24, 2015 10:32PM
Similar to naming an executor, the trade off for conservators is the same, ie. naming an family member who has an invested history with the family but may not be fit for the job
OR
using a professional that is technically fit for the job, but has no particular feel for the individuals involved.

Most families err on the side of a family member because the known deficiencies are not as much a concern as the unknown deficiencies.



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