You may find it hard to handle all the decisions you have to make about money by yourself. Sometimes it’s a burden just to keep track of where the money is coming from and going to. It can be very useful to find a family member to help you with those decisions and tasks.
It might not be easy, however. If you’re the person who has always been in charge of money and financial decisions in your family it may be hard to start sharing that role. But you and your family will benefit if you do. Freeing yourself from tasks that have become more difficult will give you time to pursue activities that may have more meaning for you at this time of your life. And your family will probably feel more at ease knowing you have help in looking after your financial well being. They’ll also get a better understanding of a financial situation that affects them as well as you.
Once you have found someone who has your trust as well as a good head for dealing with finances, you can take steps that will make it easier for that person to help you.
Prepare
a list of all accounts, assets and liabilities
Gather
all documents like account statements, deeds, insurance policies
and so on in a single spot
Sign
papers that allow your helper to make transactions on your accounts
or make that person a joint owner of the accounts
Sign
a durable power of attorney document that gives your
helper the authority to handle financial and legal matters on
your behalf if you become unable to do so (this is separate
from a durable power of attorney for health care decisions,
sometimes called a health-care proxy or patient advocate designation)
You and your helper can talk over a wide range of issues: everything from practical, timesaving ideas like having checks deposited and bills paid automatically to larger topics like wills and estate planning. Together you can also seek out legal and financial advice from expert sources. You may find low-cost options for getting this sort of advice through an employer or a government agency. A social worker on your healthcare team may also be able to offer advice or point you toward a resource.
