Advice for Fiduciaries During the Coronavirus Pandemic
The Coronavirus has changed lives across the world. If you are in charge of managing someone else's money, how might you change your behaviors to better navigate this crisis. Here are a few tips to consider.
Health Comes First
Many of the people who rely on fiduciaries to manage their money are in vulnerable populations. To safely serve others, you should follow the guidance of healthcare authorities such as the CDC and your local government. Frequent recommendations from authorities include:
Maintain social distancing
Wash hands frequently for 20 seconds.
Avoid touching your hands and face.
The elderly and people with underlying conditions should take extra precautions.
Avoid or Limit In-Person Visitations
Fiduciaries should also follow healthcare advice regarding in-person visits to those whom they support. Recent guidance is to avoid visits where possible. Many nursing homes and assisted living centers are being closed to visitors. If you are a fiduciary for someone who is in a vulnerable population, you should consider ways to keep that person safe from the Coronavirus including limiting in-person visits. Technology such as Face Time, Skype and Zoom make video calls easy, and you can also use regular phones more frequently as needed.