Money & Personal Affairs
When confronting failing health and frailty, an important and often overlooked area of support includes management of money and personal affairs. While it is natural to focus on making sure a loved one’s health needs are met, it is vital to also keep on top of bill paying and paperwork. Failing to manage finances can be a major factor in deciding a person is no longer able to live independently.
It is important for families to discuss financial and legal matters. This can often feel awkward and stressful. Bringing in a trained professional to help navigate this area can be helpful. Consult with an elder attorney as early as possible regarding durable power of attorney for asset management, revocable living trust, and other legal matters. Geriatric care management and fiduciary services such as provided by IOA’s Support Services for Elders program can provide personal support, bookkeeping, and money management services that make sure daily, weekly and monthly financial tasks do not go undone.
- Companionship, shopping, and escorted travel
- Providing basic bookkeeping, bill paying, and budgeting
- Reconciling bank statements
- Sorting through mail, organizing papers, and pulling together end-of-year tax information
- Filing medical claims
- Managing cash used for daily purchases
- Referral to legal assistance
For more involved financial matters and management of estate, private professional fiduciary services are also available through IOA’s Support Services for Elders. A fiduciary is a person who assumes responsibility for a position of trust, and is legally bound to execute personal and financial decisions openly, fairly, and in the best interest of the client.
A fiduciary can act as:
- Agent under Power of Attorney, serving as attorney-in-fact to make health-care decisions, including placement, medical, treatment and final burial arrangements, and for financial matters, conducting personal and financial business pursuant to the client’s written instructions,
- Trustee, responsible for carrying out the terms of the trust as set forth in a trust document, such as a will (testamentary trust) or a document created during life (a living trust),
- Representative Payee, designated to receive the income and pay the expenses of an incapacitated individual, and
- Conservator, court-appointed to manage the financial and/or personal affairs of an incapacitated individual.
Private Fiduciaries are governed by state statute. Each California county has Probate Court as part of its Superior Court system. Courts may appoint a Private Fiduciary as a neutral third party to protect vulnerable and incapacitated people from abuse, neglect and exploitation.
All fiduciaries affiliated with the Professional Fiduciary Association of California (PFAC) must fulfill education and experience requirements. In addition, PFAC members are governed by a stringent Code of Ethics. PFAC members must meet annual educational requirements and standards set by the organization. Fiduciaries through IOA’s Support Services for Elders program are members of PFAC. Additionally, as a non-profit organization, our service is mission-driven (rather than profit-driven) with the goal of helping our clients continue to live as independently as possible.
Source: Fiduciary definitions and roles based on information provided by the Professional Fiduciary Association of California (PFAC), “What is A Fiduciary?”