Discussions around family caregiving often focus on providing assistance with chores and errands, as well as looking after a loved one’s physical and emotional health. But an equally important aspect of family caregiving is financial caregiving.
Many adult children become responsible for their parents’ finances so gradually, they often don’t realize it’s happened. Yet, managing a loved one’s finances can be one of the most stressful aspects of caregiving. Especially as lay fiduciaries, assuming responsibility for another person’s finances and acting in their best interests can be challenging, despite your best intentions.
The Consumer Financial Protection Bureau and the American Bar Association offer these tips to financial caregivers: