Tuesday, August 18, 2015

Virginia publishes legal guide for financial caregivers


The Commonwealth of Virginia has become one of the first states to publish a free PDF document laying out in ordinary language the responsibilities of “financial caregivers”, those responsible for the financial affairs of incapacitated adults, usually but not always elderly.  The primary link is here.

The categories are “power of attorney” (most common), “conservator” (or guardian), trustees under revocable living trusts, and government benefits.
   
I was in the first category when my mother was alive, but we set up a revocable trust in 2009, which became irrevocable on her passing in 2010 (and was amended to becoming a grantor trust in 2012).

Local stations reported an example where a woman had responsibility for a 35-year-old driver after being disabled when struck by a drunk driver. A typical local report is here

 

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