In this Elder Law Minute, Wes Coulson provides an analogy to help those understand that sometimes it pays off to spend the extra money to make sure things get done accurately.
Greetings, I’m Wes Coulson from Dent Coulson Elder Law, and this will be your Elder Law Minute. We’re happy to present these because we think we can help inform you as to the ways in which we can help you and the things that you need to think about relative to the elder care and estate planning journey. Hope you enjoy.
I want to talk to you today about the question of whether you should choose a professional trustee or executor to take care of things in the event if you’re in capacity or after you die. I think the first response that people want to have is, well, no, I have family members, and I wouldn’t want to pay, you know, the fees that they charge. Well, let me give you an analogy if you’ve talked to me, you know I love analogies that I think is a better way of looking at that question.
Let’s say that you had two hundred dollars and you need groceries, and you have two choices of people that you can send to the store. One is a well-intentioned relative who really doesn’t have a lot of experience in doing shopping for somebody else, and the other is a professional grocery shopper. So the relative’s not going to charge anything, and the professional grocery shopper is going to charge you ten dollars. You think, wow, you know, that’s ten dollars out of the two hundred. But what happens if the well-intentioned family member comes back from the store with half of your list, right, half of your list wrong, or half wrong, and ten dollars and change?
And the professional shopper comes back with everything on your list because they know what to buy and where to buy it and get exactly what you want at the best price because they’ve had a lot of experience doing that. And they bring back twenty-five dollars and change. Well, you know, the first one was free, but the second one was a better deal.
So I like to tell people that you should look at that question sort of with an open mind and look at the complexity of what needed to be done, whether you need somebody who can stand up to relatives that may want to cause trouble and consider that possibility. Not saying it’s the best choice for everyone, but I’m also saying that a family member may not be either.
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.