Money Management

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 can provide personal support, bookkeeping, and money management services that make sure daily, weekly and monthly financial tasks do not go undone.

Fiduciary Services

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. 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.

Selecting a Qualified Fiduciary

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.