I've been thinking about what elders do when they lose their cognitive skills and can not handle their own finances anymore while living at home or anywhere for that matter, especially when they don't have anyone trustworthy in their life.
DH and I only have each other...no kids, no trusting/loyal family members including nieces/nephews, and friends are our age or older. I'm a guarded person by nature. So, I wonder, if I outlive DH or vice versa, (or perhaps we both lose our marbles at the same time), who does one have in place or hire enough to trust that this hired person would not take advantage of our finances for their own personal gain? An attorney, an accountant, an elder care service - all of these can potentially steal from their "clients" without ever knowing due to cognitive decline . What does one do in this case?
As aside note: Due to the lack knowing who we'd want to handle our estate affairs, we still don't have a Will/estate docs, so we can't use this "unknown" person for the above situation - in case you were wondering. We know we need to get this don ASAP, but, without the right person...
Thoughts?
DH and I only have each other...no kids, no trusting/loyal family members including nieces/nephews, and friends are our age or older. I'm a guarded person by nature. So, I wonder, if I outlive DH or vice versa, (or perhaps we both lose our marbles at the same time), who does one have in place or hire enough to trust that this hired person would not take advantage of our finances for their own personal gain? An attorney, an accountant, an elder care service - all of these can potentially steal from their "clients" without ever knowing due to cognitive decline . What does one do in this case?
As aside note: Due to the lack knowing who we'd want to handle our estate affairs, we still don't have a Will/estate docs, so we can't use this "unknown" person for the above situation - in case you were wondering. We know we need to get this don ASAP, but, without the right person...
Thoughts?