financial capacity assessment; financial management assessment; financial capacity instrument; financial capacity inventory

Indications

• age-associated financial vulnerability*
  • must be completed prior to a durable power of attorney for finance

* prevalence 5% in adults > 60 years, 50% in patients with Alzheimer's disease

Procedure

• financial capacity instrument assesses financial ability in 6 domains
  • basic monetary skills
  • financial conceptual knowledge
  • cash transactions
  • checkbook management
  • bank statement management
  • financial judgement
• occupational therapists or neuropsychologists may conduct formal financial management assessments

Notes

• conservator or guardian of finances is a surrogate decision-maker appointed by the court to manage the finances of adults who lack capacity to manage them on their own
• a durable power of attorney for finance is less lengthy & distressing than a conservator or guardian of finances