New Guides Available for Financial Caregivers
There may come a time when a loved one entrusts you with his or her financial business, by way of a Power of Attorney, designating you as his or her agent (also called attorney-in-fact). As an agent, your role is to manage your loved one’s legal and financial affairs.
At times, the important role of an agent under power of attorney can become overwhelming. This week, the Consumer Financial Protection Bureau (CFPB) Office for Older Americans released four easy-to-understand booklets to help financial caregivers. The Managing Someone Else’s Money guides are designed as resources to help people acting as agents, by providing:
- an explanation of duties;
- details about scams and financial exploitation, and what to do if their loved one is a victim;
- where to go for help.
Free print copies and bulk orders will be available in November, due to delays resulting from the federal government shutdown.
What if, due to age, illness, or injury, you are unable to carry on your legal and financial affairs? A Power of Attorney is a legal document which authorizes a loved one to handle financial and legal transactions on your behalf. It is the most important legal document that a person can have, and is an essential part of every Incapacity Plan and Estate Plan. If you have not done Long-Term Care Planning, Estate Planning or Incapacity Planning (or had your Planning documents reviewed in the past several years), please call The Fairfax and Fredericksburg Long-Term Care Planning Law Firm of Evan H. Farr, P.C. at 703-691-1888 to make an appointment for a no-cost consultation.
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