Kaili Killpack
3 min read
Planning for the future is essential — especially when it comes to choosing a financial power of attorney. But what if you don't have close family, children, or friends who can take on that role?
This is the question a 68-year-old listener named Melissa asked Suze Orman on a recent "Women & Money" podcast episode. Melissa has done an impressive job saving for retirement — she holds $900,000 in a Roth IRA and $500,000 in a traditional IRA — but she's concerned about who can legally manage her finances if she becomes unable to do so herself.
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Melissa explained that while she has friends, none are able to serve as her financial power of attorney. Her question to Orman was simple: What do you do when you have no one?
Orman acknowledged that this is a tough situation but also more common than many realize. "Most people don't have anybody, even if they have family," she said. "Even if they have certain people, they might not want them."
In cases like Melissa's, Orman recommends hiring a professional fiduciary — someone whose job is to manage another person's finances with legal and ethical responsibility.
"If you have to go that route...choose someone who is licensed, bonded, and legally required to act in your best interest," Orman said. This protects you from potential abuse or mismanagement and ensures that decisions about your money will be made carefully and ethically.
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Finding the right person starts at the local level. Orman advised Melissa — and others in similar situations — to contact their local county probate court or visit the court's website. Many courts maintain a list of licensed private professional fiduciaries who serve their area.
You'll also want to check that any professional you consider is registered with your state. For added credibility, look for someone who is certified through a reputable organization like the National Guardianship Association or the National Association of Personal Financial Advisors.
Orman was clear on this point: Don't just pick the first person you find. Interview multiple fiduciaries and ask detailed questions about how they operate, what they charge, and what experience they have with clients in similar financial situations. If needed, consider working with an estate attorney to finalize your documents and ensure everything is legally binding.
