Dang, I posted a long reply on this to another thread, but it was too old. A well, here goes. Spouse and I have no children, or younger relatives whom we know or trust, or would have any reason to help us. This is probably a long time in the future, but dealing with Spouse's parent this weekend brought the question to the fore.
What do people in our position do when we are not competent to make our own decisions regarding finance or anything else, for that matter? We have visited an assisted living place in our new neighborhood, actually while we were looking for options for the in-laws (but now think that would be our place). We've been after them for a few years to look ahead which they adamantly refused to do. Now they MUST do something which they'd rather not, and are very argumentative. This is problem one, which is solved, and they have their two children who can help them. But do childless couples like us hire a CPA? An attorney? A CFP? It's not only financial, but in all ways. I suddenly don't like the look of this (doesn't matter, couldn't have had kids anyway) and just wonder--people have to do SOMETHING to allow for this eventuality, but what?
What do people in our position do when we are not competent to make our own decisions regarding finance or anything else, for that matter? We have visited an assisted living place in our new neighborhood, actually while we were looking for options for the in-laws (but now think that would be our place). We've been after them for a few years to look ahead which they adamantly refused to do. Now they MUST do something which they'd rather not, and are very argumentative. This is problem one, which is solved, and they have their two children who can help them. But do childless couples like us hire a CPA? An attorney? A CFP? It's not only financial, but in all ways. I suddenly don't like the look of this (doesn't matter, couldn't have had kids anyway) and just wonder--people have to do SOMETHING to allow for this eventuality, but what?