Modern Aging: Managing a loved one's finances
by ROBERT GOODALL AND KATIE GILSTRAP on February 20th, 2012
The financial side of life can be stressful. Making sure that all of the bills are paid on time and that all of life's paperwork has been filed appropriately can seem like a full-time job, especially if you are managing your loved one's finances in addition to your own.
Here are five quick tips that can help you stay on top of it all:
- Review your loved one's financial documents. If the banking and investment files are well-organized, you are in luck. If not, the most recent tax return is a good place to start.
- Start managing your loved one's bills if necessary. Be sure you have a list of all assets and expenses before you start paying routine bills. You also may want to consider talking with a bill-paying service for help in understanding what to pay when, as well as for assistance in sending the monthly payments.
- Locate the power of attorney. Before a bank can tell you anything about your loved one's finances, they will need to see the power of attorney granting you access to that information.
- Document everything you do on behalf of your loved one. Keep copies of bank statements and checks that you write. If you pay for anything with cash, keep detailed receipts. If you meet with a financial planner or attorney, keep thorough notes of what they advise. These kinds of records can help show others that you are handling your loved one's affairs responsibly.
For information on how to best manage the daily finances of your loved one, visit liftcaregiving.com.
Robert Goodall is the new business development manager for Net30 Bookkeeping & Bill Paying Service and Katie Gilstrap is co-founder of Lift Caregiving.
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