Intelligence

When Should “Young” Seniors Arrange Financial Back-Up?

This article will tackle the question of when, and how, people in their 50s-60s should think about choosing someone to be their financial back-up in case of emergency, early dementia, etc. People in their 70s-80s routinely set up financial powers of attorney, such as with a trusted child or financial adviser, but younger seniors rarely do that. Should they? Are there any disadvantages to doing that? In many cases their children may not yet be responsible adults – who should get that power of attorney then?