Responsibilities will include:
- making investment decisions
- monitoring investment performance
- making expenditure decisions
- distributing money appropriately
- filing appropriate tax returns
If you name individuals, they can have the option of hiring professionals to assist with these tasks. Initially, you, or a caregiver doing the planning, may fill this role but you will need to consider naming back-ups in case you are unable to continue to perform the responsibilities.
How do you decide who to name? We have a process that will help you create that list and take the necessary steps.
Based on present day, take five minutes to write down everyone you can think of who is good with money. Remember to include family and friends of all different ages since this role could last for more than seventy years. Enter their name address and phone number. Then check the names of the people you can trust to manage this money with the best interest of you or your family member with special needs in mind. Finally, review your list. As you insert your names below, enter them sequentially, in order of preference.
Always save your content by clicking the ‘Save Progress’ button at the bottom of the page.