What Would You Like To Search For?

How Digital Banking Helps Caregivers of the Elderly in T&T?

The information from this article is based on an interview with Nicole-Anna de Silva on the #StraightofftheBATT live show. Nicole-Anna is an Attorney-at-Law and an ACCA-qualified accountant. She has been practicing law for over a decade and is presently the Chairperson of the Legal Committee of the Bankers Association of Trinidad and Tobago. Nicole-Anna also advises RBC on legal issues throughout the Caribbean arising in the retail, business and corporate banking lines of business. Please note that this information is offered solely for informative and educational reasons and does not represent legal advice.  

Elder scams and senior fraud abuse are sadly some of the common types of financial schemes that target older adults. However, there are also instances where the elderly have been taken advantage of by persons who are closest to them such as family members and/or caregivers. A caregiver is a person employed to provide support and care services to another individual and in the context of elderly care, caregivers are paid for the services they provide. When it comes to the role of caretakes of the elderly in T&T, here are some important considerations: 

What is the first thing you need to know when you become a caregiver of an elder in regard to their finances? 

Caregivers don’t need to become involved if an elderly person can manage their finances on their own. If you notice that an elderly person lacks the mental capacity to manage their finances, you should make careful notes of your findings and inform the person’s next of kin. If you are caring for an elderly person, you should not handle any financial affairs unless you have been specifically designated to do so (whether via Power of Attorney or court order). 

What happens when your senior ward dies (regarding their finances)? 

When the senior ward passes away, his or her assets will be included in his or her estate. If a caregiver had access to the senior ward’s money and the power to make decisions on the senior’s behalf while the senior was still alive, the caregiver no longer has that power after the senior ward passes away. 

What are some of the financial responsibilities of caregivers? 

In general, a caregiver lacks the legal right to carry out transactions on behalf of a senior, though this may be specified by an agreement between the caregiver and the senior. 

When establishing their partnership, the caregiver and senior should specify in writing if the caregiver would help the elder with his or her financial issues or not. A senior’s signature is required on the document that outlines that the caregiver has permission to manage their financial affairs. 

Where do digital banking and the role of a caregiver intersect? 

While older clients can be encouraged to use digital channels to access their banking needs, they shouldn’t provide caregivers access to their personal identifying information. It is beneficial for the caregiver to receive payments for their services via digital banking so that any transaction can easily be accounted for or queried, where necessary. 

What are some tips for caregivers of seniors in T&T regarding the management of their finances?  

  • All acts conducted on behalf of a senior should be clearly documented, and before acting on the senior’s behalf, caregivers should get permission from the senior. 
  • The elderly person’s ability to manage his or her finances should also be confirmed by the caregivers. 
  • If a caregiver brings an elderly client to the bank, they should let the senior client talk to the banker and explain their goals and intended transaction privately. 

What happens in the case of a caregiver and the power of attorney are two different individuals? 

The person designated under the power of attorney will be permitted to represent the senior client once it gives permission to carry out the necessary action or transaction. If a caregiver is concerned about the use or misuse of a power of attorney, they should discuss it with the senior or, if required, report it to the appropriate authorities. 

Want to learn more about how digital banking helps caregivers of the elderly in T&T? Check out our video below:

This article is based on a discussion with Nicole-Anna de Silva on the Straight off the BATT Live Series from the Bankers Association of Trinidad and Tobago. The show aims to help you understand financial literacy and education. Subscribe to our YouTube channel for more. 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>