Policy to secure elderly finances

In instances where there is no relative to hold power of attorney to handle the affairs of an elderly person, Government could step in via an independent trust fund.

This is among the proposals in the new 2023-2028 National Policy On Ageing For Barbados which was discussed on Sunday during a town hall meeting at The St Michael School.

“We had made specific recommendations and proposals for the adjustment to various facilities like the power of attorney and . . . the possibility of the enduring power of attorney. This would give someone who is taking care of the elderly enduring powers to deal with the estate of the elderly,” said Professor Dwayne Devonish, of the University of the West Indies (UWI) Cave Hill Campus.

He added: “The Government can manage the financial affairs in that fund or trust fund, and be able to dispense those funds or resources to the beneficiary in the absence of an appropriate caregiver. So there are several sections in the policy where we work out some mechanisms that will support the elderly in making sure that their actual funds, their pensions or retirement savings, are properly distributed to that community.” (Nation News)

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