Will vs RLT
I am a healthy independent 78, single, no husband/partner, no children. My estate includes a paid-for condo, car, IRA’s, cd’s, savings act. I have a slew of nieces and nephews but none that I feel close enough to or confidant of — to ask them to be an executor. They have their own lives and issues. I have a Will – not a RLT. 10 years ago I asked a couple of very busy nephews to be named as executors whose lives have changed and I am not sure are interested in this role now. I appreciated listening to your 40 minute video on this topic and it helped me rethink my estate planning. Yet it didn’t directly address my situation. Please add a thought or two to help guide me. Thank you.
Terry Says
It’s a tough situation to be growing old, alone — without anyone to trust completely. It won’t matter so much after your gone — then the money will be distributed according to your will or RLT.
BUT, what REALLY matters is having someone who can be trusted to access your money while you are alive, but incapacitated. If you change title to your accounts into the name of an RLT, then you named successor can act without having to go to court to get permission. For example, your assets could be used to pay for extra nursing care, or an assisted living facility — things that are not covered by Medicare.
Which leaves that last question: WHO would you name to be that successor trustee? Who would take on the responsibility of your care — and not rip off your estate. (And that person is probably asking what’s in it for them?!)
This is your chance to make new friends with a younger person, perhaps someone who isn’t related but is trustworty. Or you might ask your attorney if he/she has a trust office they could recommend.
Or, this might be the perfect time to start a relationship with a fee-only FIDUCIARY advisor — both to help you set up the RLT, and who might take on this responsibility of becoming successor trustee if you cannot act.
Read this: https://www.terrysavage.com/pam-krueger-wealthramp/ Let Pam connect you with a couple of fiduciaries who are willing to take on this role. You’re smart to start now, while you are competent and capable.
