FDIC-Insured - Backed by the full faith and credit of the U.S. Government What is a Financial Caregiver?
A trusted partner who helps take care of your financial health when you or your family need it
How a financial caregiver might assist you:
Personalized Care
Personal preferences and needs should be at the forefront of these decisions.
The capacity in which a financial caregiver provides assistance can vary widely. Here are a few examples of how one might receive assistance with their finances:
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Obtaining advice and guidance on financial matters
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Selecting a Power of Attorney* to manage your finances
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Creating a Revocable Living Trust* to outline how your assets will be handled going forward
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Appointing a Social Security Representative Payee* to manage your benefits
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For veterans: requesting a Veterans Affairs Fiduciary* to help manage your finances
* Please note: these may require a certified professional, legal counsel and/or written documentation.
Best Practices
Ensuring Financial Caregiving Success
Discuss finances in detail
Have an open, thorough conversation about where the money comes from and where it goes. Make sure to cover income sources, investment and bank accounts, debts, bills, insurance, and any other obligations.
Set up automatic payments for essential bills
Automating payments for necessities like housing, utilities and insurance provides peace of mind and financial security.
Discuss wishes for how money and assets should be handled
Clearly communicate priorities and preferences, such as the caregiver's decision-making flexibility and boundaries.
Ensure the will and other succession planning documents are kept up to date
Review these documents regularly to confirm they reflect current wishes based on relationships and financial situation. Be sure any important documents are in a safe location known by a trusted person.