Due to demographic and socio-economic factors, there has been a dramatic rise in the number of people serving as financial caregivers. Going forward, the trend is likely to continue. Although many serve in this capacity, few understand the role’s scope.
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 as a government fiduciary (for Social Security and VA benefits.) A common trait across these types of financial caregivers is that involve a fiduciary duty. These four guides explain fiduciary duty and offer helpful suggestions on how best to serve in these roles.
