Not every client needs GSS Trust to step into a formal role. Sometimes what a family needs is professional expertise on financial and care management tasks without a full Trustee or Power of Attorney relationship. The scope of the engagement is up to you. Common scenarios include:
- An adult child who wants a professional to take over their parent’s finances before a formal Durable Power of Attorney (DPOA) is needed.
- A surviving spouse who never managed the household’s finances and needs a professional to step in and get things organized and provide ongoing oversight and assistance.
- An adult child living out of state or without the time to keep an eye on an aging parent’s day-to-day finances.
- Managing day-to-day finances such as bill payment, account oversight, and budgeting for someone who wants to delegate those tasks. For example: perhaps you’re still capable of paying your own bills, but you don’t want to do it anymore or you want to get a system of oversight in place now while you are capable to prepare for when you are not.
- A parent who provides financial support to their dependent adult child. The parent may want to hand over day-to-day bill-paying and distributions to a professional fiduciary to start the relationship with their loved one. This puts a structure in place to prepare for the day when the parent can no longer do what they do now. This arrangement, be it through a partially funded trust or a contract, allows the parent to retain control over assets and the level of support to their child. The professional fiduciary and the adult child beneficiary build rapport, and an infrastructure is established and tweaked so that when the parent loses capacity or dies, there is no interruption to the beneficiary’s financial support.
GSS Trust can operate under a contract services agreement that is customized to your situation. If you or a loved one could benefit from professional fiduciary support, please schedule a consultation with one of our experienced professionals to talk through what that could look like in practical terms.