According to a Board of Governors of the Federal Reserve System report, 23% of seniors surveyed in a 2012 study had a power of attorney. 50% had never planned for someone else to make decisions for them. 12% had considered issuing a power of attorney but had not taken steps to accomplish it. Of those with a power of attorney, 58% name a spouse and 37% name a family member or friend.
On October 29, the CFPB released four easy-to-understand booklets to help financial caregivers and protect seniors against financial abuse. The Managing Someone Else’s Money guides are for agents under powers of attorney, court-appointed guardians, trustees, and government fiduciaries (Social Security representative payees and VA fiduciaries). Click here to download the free guides.