Those of us who help older clients (or who simply have older relatives for whom we care) know that the amount of work and the number of skills needed to do it well can be overwhelming. No one person, no matter how brilliant or well-intentioned, can do it alone. It requires a team of specialists and family members, all working together to make sure that the client has the highest possible quality of life and, after death, that their beneficiaries receive all to which they are entitled.
I recently had a conversation with a very experienced fiduciary and she told me that much of her value is her extensive network of other professionals, all of whom she has validated over the years. Her database of contacts allows her to quickly solve problems with trusted providers. Most family members, if asked to manage care or the estate at short notice, would waste a tremendous amount of time simply sourcing these services (and relying on Yelp, Google, Nextdoor or word of mouth for a quality assessment). Think about it - do you know a quality person for each of the roles below?
The list below doesn't cover every possible role - just those that come up the most frequently. You can easily imagine situations that would require even more narrow specializations. A good fiduciary can help you navigate this difficult transition with a minimum amount of work, stress and expense, while providing confidence that tasks are being handled professionally and ethically.
Medical and Personal Care
Family members
Care manager
Homecare provider
Housekeeper
Assisted Living Facility staff
Medical team (including doctors, dentist, ophthalmologist, therapists, audiologist, etc.)
Finance and Legal
Estate attorney
Licensed professional fiduciary (to build and coordinate with all the rest of the team)
Other attorneys (litigation, small business, family law)
Daily Money Manager (to pay bills, move money, etc.)
Tax advisor
Bank
Investment advisor
Court employees
Real Estate
Real Estate Agent
Title Company
Staging company
Contractor
Tradespeople (plumber, electrician, etc.)
Moving company
Junk removal
Housecleaner
Landscaper
Estate seller (furniture, art, collectables, etc.)
Property Manager (for rental property)
Other
Auto mechanic
Family mediator or arbiter (to resolve any disputes if the team above cannot)
