Beach Boys legend Brian Wilson's passing provides financial planners opportunity to advise on conservatorship

The U.S. Department of Health and Human Services reports that about 70% of people over 65 will need some form of long-term care during their lifetime. Yet, a large review of studies from 2011 to 2016 found only around 37% of U.S. adults have completed any advance directive things such as a living will or health care power of attorney. 

Because of this, it’s important to encourage clients to start planning early - not to scare them, but to help them feel more in control, said Will O'Rourke, financial advisor at Prime Capital Financial.

Protect a legacy, lead with empathy

“The conversation should focus on protecting their independence and legacy, not just preparing for the worst. Key tools include power of attorney, healthcare proxies, and living wills," O'Rourke said. "These let clients choose trusted people to make decisions if they can’t anymore. Without these documents, families might have to go through court to establish guardianship, which can be a long and difficult process most want to avoid."

Eric Dostal, managing director and wealth advisor at Wealthspire Advisors, for instance, typically initiates this type of conversation with aging clients before there’s a diagnosis, framing it as an extension of long-term planning and control. Rather than leading with fear, he believes in leading with empathy and empowerment.

“Many of our clients are used to being the financial quarterback in their family, so we position incapacity planning not as giving up control, but as directing it. People tend to be more receptive to these discussions when you frame them around protection, not decline,” Dostal said.

Dostal often uses public examples, like Brian Wilson’s conservatorship, to help clients visualize what can happen when key roles and conversations haven’t been established ahead of time. Furthermore, he revisits the topic regularly, especially when health changes, family dynamics shift, or a client enters their late 60s or 70s.

“Our process integrates incapacity planning directly into broader financial modeling and estate structure reviews. That includes reviewing POAs, trusts, and titling, but also things like emergency liquidity, long-term care costs, and stress-testing cash flow for caregiving scenarios,” Dostal said.

Build trust early, provide dignity

Similarly, Karen Boschert, partner and senior wealth advisor at Exencial Wealth, has a “trusted contact form” for clients to fill out at the start of the relationship. This trusted contact is the person that the client already designated for this type of situation, if they become aware or begin to see signs that the client is becoming incapacitated. 

“Our goal is to loop in that trusted contact early and often in these situations, and make them aware of any choices or decisions the client is making that may seem out of the ordinary, for example if their spending habits are changing, or if they are considering investment products they normally would not consider,” Boschert said.

“It is a delicate subject, however, since we already have established this trusted contact in advance, when we began working with the client, it really isn’t alarming to the client, they often appreciate their loved one being more involved,” Boschert added.

Exencial does not draft the legal documents, but will usually prepare the client and their family for legal meetings, join those meetings, and then review the documents after the fact to ensure they meet the intentions of the client. 

Sometimes a client is given a devastating diagnosis and they will need to prepare for the worst.  In such cases, Boschert works with those clients to pull in the appropriate partners so she can execute and have their documents updated in time. 

“Sadly, I have had clients with an early diagnosis and so we were able to prepare everything they would need as their abilities decreased.  Clients always appreciate the help as they navigate this unknown territory, and I lead with patience and knowledge to answer any questions they may have while they can ask them. This process also tends to be helpful for their loved ones to get up to speed on their financial situation in those circumstances when one spouse may have handled all of the money decisions for the family,” Boschert said.

A fellow wealth advisor at Exencial Wealth Advisors, Jasen Wallace, said he focuses on a client’s ability to maintain a level of dignity throughout the aging process, as opposed to the incapacity aspect of aging.

“For most of my clients, that means living in their own home for as long as possible. For others, dignity can mean not placing a burden on their spouse or children during seasons of needing care,” Wallace said.

Finally, Peter Faust, senior wealth advisor at Tanglewood Total Wealth Management, believes that no matter how delicate the subject, it is his job to be respectful and “not beat around the bush.” 

“Work with the details that you’ve been told about. Understand that not every family member may know the same details or be on the same page. And always be an advocate,” Faust said.