Planning for financial caregiving is one of the most important gifts you can give yourself and your loved ones.
Life is unpredictable. An illness, accident, or the natural changes that come with aging can make managing your finances difficult.
You may assume a spouse, survivor, or beneficiary would step in if needed, but there may be a point in your relationship when this changes, or perhaps you both need help.
Having a conversation with your loved ones about a backup plan can give you peace of mind and prepare you for the unexpected. It’s worth adding a financial caregiver to your list of things to discuss. A financial caregiver is someone who helps manage your money and other assets, as well as assisting with everyday financial matters. Choosing the right financial caregiver helps ensure your bills are paid, your assets are protected, and your wishes are honored.
If you occasionally need a second opinion or help with transactions, an informal financial caregiver may be enough. This could be a trusted contact person or convenience account holder. If your needs are greater or ongoing, a formal arrangement such as a power of attorney, guardianship, or trust may offer stronger protection.
Get started by checking out the Consumer Financial Protection Bureau's guide, where you can learn more about how financial caregivers work and find questions to ask when choosing a financial caregiver.