22 • The Beacon July 15 , 2021
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CFPB is valuable resource
Over the past couples of years , I have grown to appreciate a valuable resource . The Consumer Financial Protection Bureau was developed in 2010 in response to the financial crisis of 2007-08 . This government agency provides many useful financial resources for people of all ages and stages of life .
The CFPB has guides available on a variety of topics like getting an auto loan , paying for college , buying a house and planning for retirement . These are all fairly common subjects that many of us may encounter throughout our lives . There is another topic that is not discussed as often but may become familiar to many of us — managing someone else ’ s money . This could mean we are managing finances for a parent or other relative , or it may mean we are planning for the future and considering who we may want to help us .
There are two basic categories of financial caregivers : informal and formal . Informal financial caregivers help on an as-needed basis . Formal financial caregivers have legal recognition as having power to make financial decisions on your behalf . Probably , formal options are what we most often think of , but there are many reasons to consider informal possibilities . Here are some ideas :
Conversation partner : This allows you to give a trusted relative , friend or
Emily Marrison
Columnist
professional an overview of your finances . This does not mean you need to share all the details . It could be as simple as asking your banker to send a copy of your statements to a son or daughter or to your accountant .
Trusted contact person : You can add a “ trusted contact person ” to your brokerage accounts , and some banks may offer this too . It allows your financial institution to contact the trusted person in certain circumstances , like if they believe you are getting scammed . The trusted contact person does not have access to your money ; they are only notified by your financial institution if there are signs of financial exploitation .
Convenience account : A “ convenience account ” or “ agency account ” lets you name someone to help you deposit or withdraw money and write checks . A convenience account is not the same as a joint account , where money is jointly owned . The money belongs only to you . This is something I was asked about recently . A convenience account does not change the ownership of the money in the account or give your helper the right to keep the money when you die .
It also is a good idea to speak with your banker to see what other kinds of informal financial caregiving options are available at your financial institution . Here are a few definitions of some formal options as well .
Power of attorney : I covered a little about advance directives a few months ago , discussing healthcare power of attorney . Durable power of attorney or springing power of attorney is a legal document that gives someone else legal authority to make decisions about your money or property . People often make power of attorney agreements so someone else can handle their money if they can no longer manage their own finances .
Guardian : A court can name a guardian or conservator to manage your money and property if the court decides you cannot manage your money by yourself . This is done when you do not have a power of attorney in place .
Trustee : A trustee makes decisions about money or property in a trust . The trustee can manage only money or property in the trust , not any of your other assets .
You can learn more about financial caregiving and many other topics at www . consumerfinance . gov .
Emily Marrison is an OSU Extension family and consumer sciences educator and may be called at 740- 622-2265 .
BPW and the library host Dress for Success program
On June 29 Coshocton Business and Professional Women , in partnership with the Coshocton Public Library , hosted certified image consultant and WearLove founder Cheryl Staron for an educational program titled Dress for Success .
Dress for Success reviewed one of the four elements of style : body shape . Program attendees learned about many
body types including hybrid body types as identified by the BOD-X system . Attendees also were guided on how to properly identify and dress their body shape . To conclude the program , attendees were given tips on how to properly incorporate proportion into their clothing and accessories .
WearLove sponsored a door prize giveaway of a free color analysis , a value of $ 99 .
BPW , founded in 1919 , promotes equity for all women in the workplace through advocacy , education and information . Membership is open to men and women , employed or unemployed , who support the legislative platform .
For more information about BPW including information about membership , email coshoctonbpw @ gmail . com .