As our population ages and our financial lives become increasingly complex, financial caregivers are more common. Defining and understanding what the role entails is important.
Have you been asked to serve as a financial caregiver? Are you considering asking someone to serve as a financial caregiver for you or a loved one? The Consumer Financial Protection Bureau (consumerfinance.gov) offers four free guides explaining what it means to serve as a trustee, power of attorney, guardian of property, and a government fiduciary (for Social Security and VA benefits.) A common trait of these types of financial caregivers is that they involve a fiduciary duty. These four guides explain fiduciary duty and offer helpful suggestions on how best to serve in these roles.
