As We Grow Old

Read Time / 2 Minutes

Theme / Stewardship

Some blogs are more enjoyable to write than others, but this is not one of them.  My grandfather suffered from dementia during the last five years of his life.  He was in a care facility and would repeatedly walk up and down the hallway while mumbling and running his fingers along the walls.  He was considered “incapacitated” since he was no longer mentally capable of making coherent decisions. 

Scripture notes the fact that we may become incapacitated as we age.  “Our days may come to seventy years, or eighty, if our strength endures; yet the best of them are but trouble and sorrow, for they quickly pass, and we fly away” (Psalm 90:10). 

Each one of us, as part of our broader financial picture, should consider how we want our affairs handled should we become incapacitated.  At Christian Wealth Management, we ask you for the name of a Trusted Contact for your investments.  This is a person we can talk to if you are no longer able to make investment decisions on your own.

However, there are many other decisions, outside of investments, that may need to be made regarding your well-being.   One recommendation is to have a Springing Durable Power of Attorney in place.  This is a legal document that authorizes a person you trust to make decisions on your behalf.  That person’s authority “springs” into action when you become incapacitated.  

We recommend getting competent legal advice on incapacity planning before making decisions.  There are other options that may fit your situation better, such as having a different power of attorney or setting up one or more trusts.

My grandfather passed away years ago and I had the privilege of speaking at his graveside service.  One of my earlier blogs (Real Men Drink Black Coffee) was about him.  I admired him and it was hard to see his mental demise during the end of his life.  It was, however, a reality that had to be dealt with.  May we all be wise in planning for whatever may lie before us! 

Doug Hanson, MBA

Wealth Advisor

(208) 697-3699

doug@christianmw.com