October 16, 2014
3 – 4:30 p.m.
Orleans Senior Center
150 Rock Harbor Road
Orleans, MA 02653
If a life-changing event occurred …,
… what would your loved ones do? If hard pressed, most people would have a difficult time locating important documents and information in a timely manner if a major life event occurred.
On October 16, 2014, the Orleans Citizens Forum presented a comprehensive, fact-filled and intensely important session on just these issues. For example:
- How will loved-ones know what insurance policies or bank and investment accounts you have or how to access them?
- Will they know where the safe deposit box and key are and are they approved for access?
- Will they be able to obtain your passwords to your online accounts like banks, credit cards, and utilities?
- Will they be able to access your email in the event you receive important notifications?
- Will they be able to pay bills coming due?
Know what goes into your Life Folio
The title “Life Folio” typically gets a blank stare of bewilderment when first encountered but it describes a subject and process for which we should all be knowledgeable and actively practicing. So it was for a full house of attendees at our forum at the Orleans Senior Center. The fundamental question, “If you were to have a life changing event from which you could no longer provide guidance, what would your loved ones do?” was addressed by our speaker, Robert B. Mauterstock. Bob had over 30 years’ experience working with hundreds of clients before retiring in 2009. He is author of “Can We Talk? A Financial Guide for Baby Boomers Assisting Their Elderly Parents” and is currently writing a second book entitled “Passing the Torch, Critical Conversations with Your Adult Children.”
Wills, Living Wills, Beneficiary Statement, Health Care Proxy, Power of Attorney and more …
Most of us have come to understand that planning for the future includes seeing an attorney about preparing certain documents to make sure that our assets and personal items are passed along in a manner we desire and not by the dictates of the state in which we reside. We know that this includes a Will, Living Will, Beneficiary Statement, Health Care Proxy and Power of Attorney. Bob addressed these items and identified sources for these documents — see below — as well as provided suggestions for the individuals required to be named in the various documents. He also addressed a host of other documents and decisions to be considered in there preparation. These included trusts, gifts, stocks, reverse mortgages, long-term health care and special situations among others.
Communication between parents and children — the Family Meeting
The subject that Bob identified to be most important, however, was communication; that is, communication between parents and children to develop a “inter-generational financial plan that works.” To start the conversation he emphasized the need for having a family meeting which requires significant preparation. It is not a simple business meeting among colleagues and first there are many questions to be addressed: who should be the organizer; who should be the meeting facilitator; who should be invited; where should it he held; and what are the topics to be discussed? He suggests starting the meeting with a discussion of life lessons and family values which is a much easier discussion than jumping into the subject of financial matters. Is there a wish for certain customs to be continued? Is their a family history or personal memoirs written? Bob indicated that once the family meeting is held and completed everyone will be appreciative and find subsequent discussion much easier.
Life Folio Resources …
During the presentation and Q&A segment Bob identified a number of resources to obtain further information on the topic:
- Five Wishes (living will and health care proxy)
- www.agingwithdignity.org
- End-of-Life Conversation
- www.theconversationproject.org
- State Specific Advance Directive Forms
- www.caringinfo.org
- Health Care Proxy
- DNR
- POLST
- Advance Directives on your smartphone
- www.myhealthcarewishes.com
- Important medical info on your wrist
- www.myroadid.com
Bob Mauterstock’s website is a source for additional information:
Bob’s blog is located at:
www.parentcareplanning.wordpress.com
“Thank you to all of the volunteers at the Orleans Citizen Forum for yet another informative event. Robert Mauterstock’s Life Folio presentation addressed serious end-of-life issues with compassion and sensitivity. The importance of planning for our futures and communicating these wishes with our loved ones was emphasized with personal anecdotes and real-life experiences. Mr. Mauterstock was able to provide the audience with specific items we need to provide and the resources to consult in making those decisions. Knowing that the effort we put into planning, documenting and communicating to others will ultimately make a difficult time that much easier for our loved ones, is something many of us can appreciate. I would love to have him come back! “
— Leslie Pearson
Here is a video of the forum on Life Folio
Here are pictures from our forum. Click on them to enlarge.