If you need help managing your parents’ finances, a fiduciary for the elderly can be an answered prayer. A fiduciary assumes the responsibility of managing your parents’ money and assets. They do this by following instructions laid out in documents like a trust or power of attorney. Still, for their financial well-being, it is essential to ensure your parents are in reliable expert hands when choosing a fiduciary.
At Marcia L. Campbell CPA, we have been helping seniors and their loved ones achieve peace of mind by managing their finances with fiduciary services for years. Read our blog to learn how to choose a fiduciary.
Related Article: Reasons for a Private Fiduciary in California
How Do You Choose a Fiduciary for the Elderly in California?
When choosing a fiduciary for your senior loved one, there are several things to consider when making your selection. After all, this person will have a substantial influence over their life. Here are the top considerations when making your choice.
Related Article: Daily Money Managers for Seniors: Power of Attorney or Trustee Services
Ability & Experience
Your loved one deserves to work with a private fiduciary for the elderly who has the skills and knowledge to perform their role to a high standard.
When writing appointing documents like a trust or power of attorney with the help of a lawyer, your parents can tailor the scope of the power a private professional fiduciary receives to their specific needs.
When interacting with a fiduciary, ask about their experience working with clients like your parents, and ensure they are detail-oriented so nothing will fall through the cracks. Ultimately, finding a licensed professional with extensive financial expertise is invaluable.
A huge benefit of working with a professional CPA like Marcia L. Campbell is that your parent’s assets and money are more likely to grow under the guidance of someone with experience in managing finances. This is invaluable, especially in retirement.
Related Article: How Can a Financial Power of Attorney Help Manage Your Parents’ Finances?
Personality
You must also consider the social dynamic a fiduciary for the elderly will have with your senior loved one. They will work closely together and need to get along. Bring your parents to meet them before finalizing any decisions.
A bonus of this is that it will feel empowering for them. It’s likely difficult for your parents to accept the reality that they need to relinquish control of their finances. If they feel as though they have a choice over who their fiduciary is, this will make them feel like they are still maintaining control, even if they are accepting some help.
Related Article: How Do Trustee Services in California Help Seniors Manage Assets?
Availability
When choosing private fiduciary services, the best ability is availability. From paying bills for your elderly parents to budgeting and monitoring bank accounts, this is a full-time job.
Ideally, they will be close, and they also need to have the time available to take on this responsibility. If it takes them a while to respond to emails, for example, this might be a sign that they do not have the bandwidth or sense of urgency you and your parents deserve.
Emotional availability is also important as they work with your parents and help them transition to this new life stage.
Related Article: The Benefits of Hiring a Private Fiduciary
Integrity
A fiduciary for the elderly must be trustworthy due to the power they will wield. When interacting with the fiduciary, monitor how honest, straightforward, and professional they are.
These interactions will reflect the treatment your parents will receive, and if they seem evasive or downright unresponsive, these are huge red flags and signs that you should look for help elsewhere.
When someone agrees to carry out personal fiduciary services, they have a legal obligation to act in the best interests of their clients. This is a huge advantage compared to asking a family member to help oversee your senior loved one’s finances.
Because of this legal obligation, the chances of someone exploiting your vulnerable senior loved one when carrying out professional fiduciary services are minimal.
When enlisting the help of family in these matters, you cannot guarantee integrity.
“This is one of the most crucial reasons to only seek out professional fiduciary accountants. When family members are named fiduciaries, they often deal with competing opinions of other family members and complex family dynamics that can muddy the waters. Just as importantly, too often we see seniors taken advantage of by those entrusted with their care. With a professional fiduciary, your senior loved one will work with an objective third party with a legal responsibility to always act in their best interests.”
-Marcia L. Campbell, CPA for Seniors
Demeanor
Money can bring out intense emotions, and you need a level-headed fiduciary who brings stability and can think things through.
These situations can be rife with drama, and if your senior loved one is in a state of disarray or their life is chaotic, they need a calming influence to soothe them. Their fiduciary should be a reassuring shoulder they can lean on, which you will find at Marcia L. Campbell CPA.
Do Your Parents Need Help Managing Their Finances? Hire a Fiduciary for the Elderly Today
When it comes to your parent’s financial well-being, anything less than a California private professional fiduciary for the elderly is nothing short of a disservice. Your parents deserve to work with an expert professional who will act with integrity, and you deserve to feel relief once this burden is lifted from your shoulders.
Do you want to ensure your parents are in expert, trustworthy hands? Visit our Contact Us page and schedule a consultation to give them the care and attention they deserve!
