How Naming a Family Financial Assistant Makes Handling the Clients Affairs Easier for Everyone Involved

By: Timothy B. Borchers, Esq.

Timothy B. Borchers reccomends that clients in the 65 to 70 and older age range select a member of the family who would be their go-to person to learn the ropes and eventually assist them on financial matters. This person is not a fiduciary and has no liability per se – he or she does not have power of attorney and is not a trustee, though the person most often is the individual that has been chosen to fill such roles. The thinking here is that the Assistant is first identified as a helpmate to become involved if not right away, perhaps in the not-too-distant future, to keep the client out of the financial abyss of their later years.

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