How might you go about selecting someone to trust to help manage your money if financial decisions become too difficult for you in the future? Well, researchers from the Stanford Center on Longevity and the University of Minnesota have just made answering that question a bit easier. They’ve released a free toolkit, Thinking Ahead Roadmap, that in addition to helping you select a trustworthy financial advocate encourages people to plan today to safeguard their finances from fraud, abuse and financial mistakes down the road.
When selecting a financial advocate, the toolkit suggests looking for these positive qualities: trustworthy; organized; understands your needs and what is important to you; reliable and available to help; smart decision-maker; good communicator; good listener; and puts your needs first. And if no one seems right for the role, the toolkit suggests hiring a daily money manager to be your financial advocate or alternate financial advocate.
See the story at The Street