In this final part of our blog series, "Choosing Your Fiduciaries," we'll discuss the importance of updating your fiduciary by having an annual review meeting. Meeting at least once a year is crucial to ensure that your fiduciaries are up to date with your life and current needs.
During your annual review, consider discussing the following:
Any changes or developments in your health status that may impact decision-making
Updates on your financial situation
Changes in your preferences for medical care or end-of-life decisions
Changes in relationships in your life that your fiduciary should be aware of
Housing changes or plans for housing changes
Ensure that your estate planning documents are current and accurately reflect your intentions.
Make sure your fiduciary is still willing to be named and ready to act on your behalf.
Just as you visit your doctor or dentist regularly, you should meet with your fiduciary regularly, at least once a year. Don't merely name them in your legal documents and let years pass before connecting with them. Instead, be proactive and set up a regular schedule to connect and ensure they are still ready, willing, and able to serve. If it's a professional, be prepared to compensate them for their time for these meetings. Building a relationship now ensures they know you when it matters most.
In this six-part series, we've examined important considerations when choosing your fiduciaries, such as distance, the importance of ongoing communication, and the option of hiring a professional fiduciary. To solidify your estate planning documents and ensure peace of mind, make sure you have the legal documents in place, properly executed, to name your fiduciaries. An Elder Law Attorney can help you do so. Be proactive, stay in touch with your chosen fiduciaries, and ensure they are ready, willing, and able to honor your wishes. By doing so you will be well prepared for the future.
If you live in the Boston, Massachusetts area we may be able to assist you. Whether you need guidance on choosing your fiduciaries, implementing your estate plan or you would like to hire us to serve as your professional fiduciary or backup, we are ready to help. We also offer our Aging Allies program, to support those who want to hire us to act as their professional fiduciaries. To learn more, please call us at 617-489-5900 or use this link to schedule a free consultation: https://seniorsolutions.as.me/initialconsult. If you live elsewhere, please visit www.SoloAllies.com for a directory of professionals who help seniors planning on aging alone thrive, including a directory of professional fiduciaries.
We are caring Boston, Massachusetts Elder Law attorneys, serving all of Massachusetts, and ready to help you with Medicaid and MassHealth Planning, Estate Planning, Guardianship, Conservatorship, Probate, and Special Needs Planning.