NBSB Celebrates Older Americans Month – Week 4: Choosing a Caregiver


What is a financial caregiver?

A person who helps you manage your financial life. The relationship evolves as your needs change.

Initially, assistance with everyday financial matters, with greater responsibility if you become ill, injured, or have trouble managing your money.

It is hard to say when a Financial Caregiver is needed, but if you are experiencing issues like these, it may be time to take that next step.

  • Missed Payments
  • Lapsed Insurance
  • Unpaid Taxes
  • Potential Fraud
  • Missing Money

Tips for choosing a Financial Caregiver:

  • Someone you know well & trust.
  • Someone with knowledge and common sense.
  • Someone who can interact effectively with family member and financial professionals.
  • Weigh how this person manages their own finances.
  • Consult you banker and lawyer what factors to consider when making that choice.

Choosing a Financial Caregiver is an important task. This is someone you are trusting your financial health with. There are a few qualities that are a poor choice in selecting this person.

  • Someone who intimidates you.
  • Someone with financial, legal, or serious health issues.
  • Someone who want to control or limit your relationships with others.
  • Hires health caregivers or in-home workers.

Once you have made your decision, an informal relationship may be best at first to ensure they make the same choices you would, as time goes on and this person proves themselves more capable as your financial caregiver, it could be time to gradually transfer responsibility and make it official with one of the following options.

  • Power of Attorney
  • Trustee for a revocable living trust
  • Social Security Representative Payee
  • Veterans Affairs Fiduciary


Click Here to access the full lesson including how to choose a Financial Caregiver, Types of Arrangements, Risk, and other factors in this decision-making process.