Daily Money Manager
The least restrictive type of professional fiduciary is the Daily Money Manager (DMM). They handle day-to-day finances and can be retained by the person who needs the assistance or by a family member serving as Agent under a Power of Attorney. DMMs often serve as the eyes, ears, hands and feet of the older adult, allowing them to retain maximum control of their own affairs.
As larger segments of our population swell the growing ranks of seniors and the “oldest old,” working members of society are increasingly faced with the complications of caring for elderly parents while still raising their own families and managing careers. Many elderly people do not live near their adult children, and sometimes relationships between siblings and other relatives create conflict and strife, causing problems rather than solving them for elders. Many of the elderly are easy prey for a gold-digging family member or friendly stranger ready to lighten a senior’s pockets while they are still living. In these situations and certainly for elder orphans in need, professional fiduciaries are a godsend.