Financial Matters: Money Management, Wills, and Trusts
In This Chapter
Taking responsibility for someone else's money
Creating wills and trusts
Protecting vulnerable people with guardianship
In many families, money is a taboo topic. Talking about bank accounts or wills happens only when a crisis occurs. All too often, when a person dies, he doesn't even leave a will to guide the heirs. “Why make a will,” some people reason, “when it will be expensive and complicated? My family will know what I want.” And predictably, conflict and confusion ensue.
Wills are only one of the legal and financial instruments that should be discussed, created, and periodically reviewed as part of a long-term care plan. Managing money is a huge issue when dealing with elder care. Knowing how to deal with an older person's funds is essential for handling home care or assisted-living expenses. This chapter reviews general reasons for the primary legal documents and suggests some points to consider. However, it doesn't substitute for the advice of an experienced attorney, ...