Peace of Mind and Spending in the Best Interest of the Person
Updated: Mar 19, 2021
Do you want the peace of mind that comes from knowing that your money is being spent in your own best interest? Are you concerned about someone who is at-risk whose money is not being spent in their own best interest?
Millions of people spend money against their own best interests every day. But if you are on a fixed income or you are a fiduciary for someone else’s money, then you can’t afford to make mistakes. There is no one size fits all with regards to spending. Different people have varying amounts of money to spend, and we all love the freedom to choose how to spend our own money. If you have a lot of money, them you may not be too worried about how you spend it.
For most people, protecting money is very important. In today’s COVID-19 world, many people’s incomes have been interrupted. A large percentage of Americans live paycheck to paycheck. Those on a fixed income only have so much money to spend. Seniors need to protect their money even more when they are out of the job market and no longer have the opportunities to rebuild their savings.
Knowing that the money you manage is protected and not being wasted provides peace of mind to individuals, families and professionals. For fiduciaries in charge of someone else’s money, there are legal obligations that require you to protect funds and restrict how money can be spent. For example, courts may require accountings and annual reports which show that a fiduciary spent money in the best interest of the person they are supporting.
You can improve your peace of mind by knowing that money is being spent in the best interest of the person to whom it belongs through better, more transparent record-keeping. Guide Change can help you. We will help you by organizing your financial transaction information, analyzing the transactions using a Best Interest of the Person standard, and creating a report you can use to review suspicious activity and account for spending.
It is better to know whether spending is proper rather than worrying about what might be happening with your money. Why not take a few simple steps to evaluate spending more closely? Sharing information with others who need to know can also increase peace of mind for the whole family. Whether you are concerned about fraud, undue influence, or simply wasting money, there are many reasons to double check that your money is being spent in your best interest.
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