Important considerations when choosing a Financial Caregiver.

As we age or face unexpected life changes, managing finances can become more challenging. Whether due to cognitive decline, physical limitations, or simply the complexity of financial systems, many people reach a point where they need help. That’s where a financial caregiver comes in.

A financial caregiver is someone you trust to help manage your money, pay bills, monitor accounts, and make financial decisions on your behalf. Choosing the right person is critical—not just for your financial health, but for your peace of mind.

Here are key considerations and steps to help you make a smart, informed choice.

What Does a Financial Caregiver Do?

Depending on your needs, a financial caregiver may:

• Pay bills and manage day-to-day expenses
• Monitor bank accounts and credit card activity
• Handle insurance claims and medical billing
• Manage investments or retirement accounts
• Communicate with financial institutions
• Help prevent fraud and financial abuse
• Make legal financial decisions if granted power of attorney

Who Should You Choose?

This is not just about trust—it’s about competence, ethics, and communication. Consider the following:

• Trustworthiness:  Choose someone with a strong track record of honesty and reliability. **   Avoid individuals who have a history of financial instability or questionable behavior.
• Financial Savvy:  Your caregiver doesn’t need to be a financial expert, but they should be organized, detail-oriented and comfortable handling money.
• Availability:  They should have the time and willingness to take on the responsibility. This isn’t a casual favor — it’s a serious commitment.
• Communication Skills:  They must be able to communicate clearly with you, your family, and financial institutions.
• Legal Standing:  If you’re granting power of attorney, make sure they understand the legal responsibilities and limitations.

Legal Tools to Consider

To formalize the role and protect your interests, consider these legal arrangements:

• Durable Power of Attorney (POA): Allows someone to make financial decisions on your behalf, even if you become incapacitated.
• Joint Bank Accounts: Can simplify bill payments but may expose funds to misuse.
• Trusts: A trustee can manage assets according to your instructions.
• Representative Payee (for Social Security): Appointed by the SSA to manage benefits.

Always consult with an attorney or financial advisor before signing any legal documents

Safeguards to Put in Place

Even the most trusted caregiver should be subject to oversight. Here’s how to protect yourself:

• Set up account alerts for unusual activity.
• Use online banking tools to monitor transactions.
• Schedule regular reviews with a third party (e.g., another family member or financial advisor).
• Keep documentation of all financial decisions and transactions.
• Limit access to only the accounts and tools necessary for the role.

Talking About It

It’s important to have open, honest conversations with your loved ones about your wishes, expectations, and boundaries. The earlier you plan, the smoother the transition will be if and when help is needed.

How Prevail Bank Can Help

At Prevail Bank, we understand the importance of financial security and planning. Our team can help you:

• Set up account alerts and controls
• Monitor your credit with Credit Sense, a free tool for customers
• Make necessary account ownership and accessibility changes
• Provide documentation and answer account related questions

Choosing a financial caregiver isn’t just about money—it’s about peace of mind. You want someone who’s trustworthy, capable, and genuinely looking out for you. It’s a big decision, but with a little planning and the right support, you can feel confident knowing your finances are in good hands. And if you ever need help figuring it all out, Prevail Bank is here to walk through it with you. 

Prevail Bank – Member FDIC