If your parents are reaching an age where they need you to help take care of them, it is normal to feel unprepared to manage their finances and assets on top of their general well-being. After all, this is a full-time job, and between your family, career, and other personal obligations, finding the time to manage their finances is difficult, to say the least. Fortunately, using a financial power of attorney in California in conjunction with professional fiduciary services can help with this burden.
At Marcia L. Campbell CPA, we have helped manage seniors’ finances and assets for years to provide peace of mind for them and their loved ones. Our passion is providing you and your parents with relief so you can make the most of their retirement together! Read our blog to learn how a financial power of attorney can help manage their finances and assets.
What is a Financial Power of Attorney in California?
Particularly with seniors, it becomes increasingly more difficult to manage and fulfill their financial obligations as they get older. In fact, doing so alone is an outright hazard to their well-being as missed payment deadlines, penalties, and more stack up.
Still, between managing the income they receive from Social Security, pensions, retirement accounts, and investments to paying bills and overseeing insurance coverage, this can be a complex task for you to take on alone, which is why a power of attorney is so valuable.
A financial power of attorney in California is a legal instrument that grants someone the authority to make financial decisions on their behalf. Appointing a professional fiduciary with this legal tool is the best strategy to ensure your parents’ finances are in good hands.
You can work with an attorney to tailor this document and control the power it grants. Maybe you only want the individual who receives this designation to oversee bill paying or managing a specific bank account, or maybe you want to grant a broader scope of power.
In some instances, people use a power of attorney for brief periods, like if they will be out of town for an extended period of time and need someone to manage their finances.
Related Article: How to Get a Financial Power of Attorney for a Parent
How Can a Financial Power of Attorney Help with Managing Elderly Parents’ Finances and Assets?
Managing your parents’ finances is a time and labor-intensive task that requires considerable expertise. You will need to track all of their expenses and income, ensure that you are paying all necessary bills, oversee bank accounts, balance checkbooks, and more.
Using a legal tool like a financial power of attorney in California, you can enlist the help of private professional fiduciary services to take on this responsibility. When you work with one of these professionals, they can oversee tasks like:
- Paying bills
- Budgeting
- Managing income and expenses
- Record keeping
- Managing retirement accounts
- Overseeing bank accounts
- Resolving credit disputes
- Balancing checkbooks
- Coordinating with other professionals, like attorneys, for the senior’s well-being
- Managing assets
- Protecting your parents from scams and fraud
Another benefit of working with a professional fiduciary when preparing to take over elderly parents’ finances is complicated family dynamics won’t interfere with their care. A fiduciary has a legal responsibility to act in your parent’s best interests.
Because of this fiduciary duty, you do not have to worry about the person who receives this power abusing it for their gain, which, unfortunately, is not an uncommon occurrence.
“These responsibilities are just scratching the surface of the help a private fiduciary can offer you and your parents. But getting the help of a professional also guarantees you can focus on their well-being and happiness. When children assume this responsibility, those aspects of their parents’ lives become secondary to their financial obligations. We will ensure that doesn’t happen.”
– Marcia L. Campbell, CPA for Seniors
Related Article: Durable Power of Attorney for Asset Management & Seniors
Need Help Managing Parents’ Finances? Use a Financial Power of Attorney with Premier Private Professional Fiduciary Services!
Taking on your parent’s financial responsibilities can feel daunting, but when you use a financial power of attorney in conjunction with fiduciary services, overseeing this burden will seem like a piece of cake and you can rest assured your parents are in expert hands!
Visit our Contact Page and schedule a consultation to ensure your parent’s finances are in expert hands to minimize stress for everyone and give them the retirement they deserve!
