As published by Independence Advisors, May 14, 2018.

We have all heard the story about:

  • The grandmother who fell victim to a financial scam
  • The widow’s house that fell into disrepair
  • The son who had to take Dad’s driver’s license away because he crashed the car

These costly mistakes may have been avoided had the individuals relinquished responsibility for the tasks before they were no longer capable of managing them. How does a person know when it is time to relinquish responsibility? Trigger points can be a powerful tool. A trigger point is a particular circumstance or situation that causes an event to occur. For example, the grandfather may agree to take a vision test annually. When he is no longer able to pass successfully, he relinquishes driving or maybe just driving at night.

The trigger point and the consequence are specific to the individual. The key is that the trigger point and consequence must be identified by the individuals while they are able to make these decisions. This is not a conversation of losing power and control, but rather gaining security and freedom by deciding for oneself when and how things are done.

Why should you, as an advisor, have these conversations with your clients? The answer is simple, to protect their assets. For your reference, I have attached a sample of possible trigger points for relinquishing responsibility. Life Managers & Associates welcomes the opportunity to assist you and your clients in engaging in these conversations and enabling them to create their own plans for living life.

LMA - Aging Trigger Points