Are You Responsible for Other People’s Money?
If you’ve built meaningful wealth, people notice. For many women, that recognition comes with questions—from relatives, friends, even acquaintances—about money. It’s flattering, but it’s also a lot.
You’ve earned trust through your discipline and financial confidence. That trust often leads to requests for help with banking, loans, budgeting, investing, college funding, insurance, long-term care, and estate planning. When you become the go-to person, consider creating a system that protects your time while still guiding others effectively.
For women especially, this role often blends financial savvy with emotional support. You’re not just managing numbers; you’re navigating relationships, expectations, and sometimes generational dynamics.
Start With Tools That Can Help Empower Others
Before diving into every question, give loved ones a way to take the first step on their own. This can help build their confidence while keeping you focused on your own priorities.
- Offer a checklist. A short guide to handling core financial tasks can help them organize their thoughts before coming back to you.
- Suggest trusted resources. Point them to reputable books or articles that explain the basics in plain language.
- Share your professional network. When the need goes beyond general guidance, connect them with advisors you trust—attorneys, CPAs, or insurance specialists.
Women often serve as financial anchors in their families. These tools can help you support others without becoming the default problem-solver for every issue.
When Advice Becomes Responsibility
Sometimes a quick question turns into an ongoing role. You may start helping an older or incapacitated relative manage daily finances, health decisions, or investments. In some cases, a loved one names you in key documents:
- Personal representative (executor) under a will
- Trustee of a living trust
- Agent under a financial or medical power of attorney
Those roles reflect deep confidence. They also carry legal duties, time commitments, and potential liability. Treat them with the same care you bring to your own wealth.
A Beginner’s Guide to Estate Planning
Estate planning isn’t just for wealthy people. Anyone with a family or assets to protect can benefit from an estate plan. Unsure how to start? Savant has you covered with A Beginner’s Guide to Estate Planning.
Protect Yourself While You Help Others
Clear steps for your process can help reduce stress—for you and your family.
- Clarify the role in writing. Ask for copies of the will, trust, and power of attorney documents. Confirm what you can and cannot do.
- Inventory the essentials. Gather account lists, beneficiary designations, recurring bills, insurance policies, and a contact sheet for advisors and doctors.
- Keep records. Transparency can help prevent confusion later, so track every action, payment, and reimbursement. Store statements and receipts.
- Separate money. Avoid mixing funds. Use dedicated accounts for bill pay and reimbursements.
- Coordinate the team. Stay in touch with the attorney, CPA, and financial advisor. Ask how decisions affect taxes, cash flow, and the estate plan.
- Set boundaries. Decide what you will handle personally, what you will delegate, and what requires a professional. It’s OK to say no.
Women often take on caregiving roles, which can blur the lines between emotional support and financial responsibility. These steps can help you protect your own well-being while honoring your commitments.
For a helpful overview, the Consumer Financial Protection Bureau offers forms and guides for financial caregivers.
A Partner for Complex Decisions
If you’re responsible for a loved one’s financial well-being—or expect to be—you don’t have to navigate it alone. A coordinated plan can help protect relationships, reduce surprises, and align decisions with long-term goals.
Many women find themselves balancing their own retirement planning with the needs of aging parents, adult children, or extended family. Having a clear strategy can help you stay generous without sacrificing your own financial security.
The Bottom Line
If you have questions or want a second set of eyes, contact Savant. We can help you clarify roles, organize documents, and connect the dots among investments, taxes, and your estate plan—so your generosity doesn’t come at the expense of your own financial wellness.
Savant Wealth Management (“Savant”) is an SEC-registered investment adviser headquartered in Rockford, Illinois. This is intended for informational purposes only and should not be construed as personalized financial advice. Please consult your financial professional regarding your unique situation.
Laura K. Chiesman
Managing Partner / Financial Advisor
CFP®, CDFA®