Elder Financial Care

As you or the people you care about grow older, you may be concerned about yourself or your loved one's ability to manage finances independently. These tools may help:

1. Steps you can take to protect yourself and your loved ones by identifying key people. A caregiving designation is more often reactive than proactive.
   • Designate beneficiaries and payable upon death (POD) — A POD account is payable on your death (or the death of the last surviving co-owner) to one or more payees named in the title of the account. In order to add, remove or update a POD beneficiary on your Bank of America account, visit account changes select Personal, then select add, remove or update a POD on the account. You can complete this on the beneficiary self-service pages or schedule an appointment
   • Name a trusted contact person. This is another way to help guard against financial exploitation. Bank of America is the first major bank to allow consumer clients to designate a trusted contact — someone we're able to reach out to in order to confirm information and address suspicious activity. Learn more and see how to set up a trusted contact Learn more and see how to set up a trusted contact Learn more and see how to set up a trusted contact
   • Create a power of attorney. A power of attorney can permit someone you trust to act on your behalf in financial matters such as filing taxes, selling property, refinancing a mortgage and depositing or cashing checks. Learn more about power of attorney services Learn more about power of attorney services Learn more about power of attorney services
   • Set up a joint account. Plan ahead: While you're still healthy, determine whether you want to add a trusted family member or friend to your account as a co-owner to help manage your finances. Learn more about joint bank accounts and changing account ownership


2. Bank of America has a variety of resources on Better Money Habits and Merrill focused on financial matters for seniors and caregivers.
   • Managing your parents' financesManaging your parents' financesManaging your parents' finances
   • Coping with the cost of caregivingCoping with the cost of caregivingCoping with the cost of caregiving
   • Estate Planning ChecklistEstate Planning ChecklistEstate Planning Checklist
   • The Caregiver's Financial GuideThe Caregiver's Financial GuideThe Caregiver's Financial Guide
   • Caring for aging parentsCaring for aging parentsCaring for aging parents


3. Visit Bank of America Security Center to get tips on protecting you and your family from fraud.
   • Keep your accounts and information safe. Visit our fraud prevention page for more information.
   • Take steps to protect yourself with our Fraud Prevention Checklist
   • Learn more about trending scams
   • Report suspicious activity with tools to help you immediately report fraud
   • Read our Caregiving Resource Guide to learn more about senior financial exploitation and steps you can take to help protect you and your loved ones

These services are available to all our customers and can be appropriately used for a variety of needs, for example: naming a trusted contact could be important to a member of the armed forces who has been recently deployed, or setting up a joint account might be useful if you've recently been married. (If you're a Merrill or Private Bank client and have questions regarding these services and your accounts, please contact your Advisor for assistance).