This is the second in a two-part series about helping others manage their finances.
Formal methods involve written legal agreements or following rules of certain agencies.
Giving up control of your finances is a serious matter. All but two of the formal methods discussed here require taking steps in advance when you are in a position to make the best possible decision. You may want the guidance of an attorney. If you are unable to make personal or financial decisions, it will be necessary to have the legal system appoint individuals to handle both your personal and financial affairs. A power of attorney spells out in a specific or general way those situations you want a specific person to act on.