Incompetence can come slowly - what is your strategy?

[ExFlyBoy5]

Just a quick update on my situation. The "talk" went off without a hitch...as a matter of fact it went much smoother than I thought it would. After voicing my concerns, he agreed that it would be best if he relinquished control. In his own words, "it's best to act now before I get any worse". I know it was difficult for his to realize that he is getting older and that there *is* cognitive decline. BUT...he still has enough sense to see it and to know that it is quite possible that it could get worse.

I gave him a couple of different options at how we can best move forward, and we will make the specific determination of how to proceed in a few days. I told him that I wanted him to think on it for a few days and if he would like, to talk to dis-interested 3rd parties.

Nonetheless, it still wasn't a fun conversation to have.

 

[Walt34]

Just a quick update on my situation. The "talk" went off without a hitch...as a matter of fact it went much smoother than I thought it would.

<snip>

Nonetheless, it still wasn't a fun conversation to have.

Still, a good outcome to it. Glad to hear all went well.

 

[clifp]

We have the majority of our assets in a Trust and will have USAA start managing the investments at the first sign of our inability to manage them. As things progress we'll have them manage our bills. Our blended family and questionable influence of some in laws made us decide to keep family out of it except for some basic decisions such as distribution of personal items not specifically mentioned in our will that pours everything else into the trust.

I haven't posted here much lately, but one of the things on my NY resolutions was to update my will and trust and incompetency issue was at the top of my list of concerns. So I was happy to see somebody started a new thread on the topic.

Single, no kids, and my sisters are both considerably older. I have a very competent niece who I trust, but she and her family live in the middle of Wyoming. I'm happy to have her act as an executor in some capacity but I don't know how she could realistically judge competency.

I like Dash's plan, and USAA is one of the few institutions I'd trust to do this. My question is on a practical level how would somebody at USAA determine that you are showing signs of diminished capacity?

Ideally, what I'd want is some sharp person in their late 20s or early 30s (Like some of our young dreamers, any of you in Oahu?) to meet with me every year. I'd go over any weird new investments (I make Angel investment, some real estate loans, and few other oddball things). They'd sort of keep tabs on me, and if start babbling about dow 20K, they'd probe to see if I know that happened 20 years ago back in 2017.

When they started having concerns they'd contact my niece and they'd lock me up in a nursing home

I enjoy managing my investments, and I think it keeps my mind sharp, so I don't want to put everything on autopilot before I need to. But none of us getting out of this place alive, and very few with all their mental facilities intact.

A separate but related question. Is there any advantage to having trust for single person. I've had one for 20 years and I've been dealing with my mom's for almost as long. I know they avoid probate etc. but I've found them to be a pain in the butt at times. ?