Elder law attorney Jim Koewler joins Suzanne to talk about setting up your estate plan and the people needed to complete various documents, such as powers of attorney, wills, living wills, revocable trusts, and irrevocable third-party trusts. This segment covers wills.
- Person to receive phone call (that Principal seems to have suffered traumatic brain damage): Probably spouse
- First alternate person to receive phone call: Person most likely to take in Principal (person signing the Living Will) if Principal needs long-term care (same for Powers of Attorney)
- Second successor agent: Person second-most likely to take in Principal if Principal needs long-term care
(Note: The person listed on Living Will to receive the phone call doesn’t have any “power,” but many families don’t know that. So, to avoid “power struggles” among family members, it is prudent to list the same people in the Living Will as are named in the Powers of Attorney.)
- Executor: Spouse first
- Backup Executor (if spouse not able): Person who gets stuff done, meets deadlines, and doesn’t buckle under pressure from other heirs
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Founder and CEO of Answers for Elders, Inc., Suzanne Newman proclaims often, “Caring for my mom was the hardest thing I ever have done, but it was also my greatest privilege.” Following a career of over 25 years in sales, media, and marketing management, Suzanne Newman found herself on a 6-year journey caring for her mother. Her trials and tribulations as a family caregiver inspired an impassioned life mission outside of the corporate world to revolutionize the journey that so many other American families also find themselves on. In 2009, she became the founder and CEO of Answers for Elders, Inc., subsequently hosting hundreds of radio segments and podcasts, as well as authoring her first book. Suzanne and Answers for Elders, Inc. have spent 14 years, and counting, committed to helping families and seniors along their caregiving journeys by providing education, resources, and support. Each week on the Answers for Elders podcast, Suzanne is joined by vetted professional experts in over 65 categories including Health & Wellness, Life Changes, Living Options, Money, Law, and more. Suzanne lives in Edmonds, Washington with her husband, Keith, and their two doodle dogs, Whidbey and Skagit.