We know that there are often many questions when it comes to obtaining the right care for your loved one. To provide some basic info that can help educate you, we have prepared this list of Frequently Asked Questions and answers to address some of these items. If you cannot find the answer to your questions here, feel free to contact us for more information.
A care manager is an individual who acts as a coach to help a senior or a person with disabilities to navigate the complexities of life in a several different areas: health & disability, financial, families, local resources, advocacy, legal, and crisis interventions. A care manager, typically, will perform an assessment of the individual and then come up with a plan to help the individual meet their agreed upon life goals.
A Power of Attorney is a legal document that gives written legal authority for a person act on the behalf of another person affairs. The person who gives the permission to act on their behalf is called the principal, grantor or donor of the power. The person who receives the permission to act on the principals’ behalf is called the agent, attorney or Attorney-in-Fact. The Power of Attorney document can be very specific or it can be broad in granting permission to the agent. There are different types of Power of Attorney documents such as a medical power of attorney, financial power of attorney, general power of attorney or durable power of attorney documents.
Guardianship: Guardianship, also, referred to as conservatorship, is a legal process, utilized when a person can no longer make or communicate safe or sound decisions about his/her person and/or property or has become susceptible to fraud or undue influence. Because establishing a guardianship may remove considerable rights from an individual, it should only be considered after alternatives to guardianship have proven ineffective or are unavailable. (source: https://www.guardianship.org/what-is-guardianship/)
When the court appoints a guardian of the person, the guardian may have the following responsibilities:
- Determine and monitor residence
- Consent to and monitor medical treatment
- Consent and monitor non-medical services such as education and counseling
- Consent and release of confidential information
- Make end-of-life decisions
- Act as representative payee
- Maximize independence in least restrictive manner
- Report to the court about the guardianship status at least annually
“Estate” is defined as real and personal property, tangible and intangible, and includes anything that may be the subject of ownership. When the court appoints a guardian of the estate, the guardian is assigned the following responsibilities:
- Marshall and protect assets
- Obtain appraisals of property
- Protect property and assets from loss
- Receive income for the estate
- Make appropriate disbursements
- Obtain court approval prior to selling any asset
- Report to the court on estate status
Daily Money Managers (DMMs) deliver essential financial services to seniors and older adults, and people with disabilities. They help ensure nothing falls through the cracks including necessities like monthly bill payments, assisting with tax preparation, balancing checkbooks, decoding medical bills, negotiating with creditors and working with other financial advisors with their clients. To learn more about Daily Money Manager visit the American Association of Daily Money Managers.
A fiduciary is a person who holds a legal relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. A fiduciary is expected to be loyal to the person to whom he owes the duty (the “principal”) and make decisions that are in the best interest of the principal. A fiduciary must be able to account for all actions with regards to the principal’s assets. In Virginia, when a fiduciary is appointed by the court system their activities are overseen by the Commissioner of Accounts to ensure the fiduciary is acting in the best interest of the principal.