Page 9 - Amarillo Senior Link Magazine Summer 2021 - Online Magazine
P. 9
SENIOR RESOURCES SENIOR RESOURCES
Daily Money Manager
ARE YOU PREPARED TO HAND OVER YOUR FINANCES
TO SOMEONE IN AN EMERGENCY?
hat if you experienced 2. Simplify and document 3. Designate a specific storage
a health issue or, due your monthly financial location for important
Wto an accident, needed actions: You may be able each documents: Create a folder
someone to quickly step in to pay month to automatically complete or file or electronic storage
your bills? Would your finances be each financial task without device with all important
organized enough for your spouse, having a To Do Checklist, but, financial information (such as:
a family member or a Daily Money for someone else to step in for your financial To Do Checklist,
Manager to respond? Life happens, you, they will need a detailed, checking/savings accounts, loan
and these types of issues are documented To Do Checklist. accounts, credit card accounts,
always unexpected. Even though insurance policies, investment
finances are not a priority during The To Do Checklist should accounts, financial power of
such times, it will be less stressful include: attorney, other legal documents,
if you are prepared with a financial computer access information,
backup plan for emergencies. It a. How to check the account user/passwords for online
might not matter so much that balance and sign into the online accounts).
perhaps your mobile phone bill banking website for any bills
is a month late, but if you were paid through online banking 4. Be sure to update and
to miss a life insurance premium services review your important
payment, would this cause your b. How a monthly bill is paid documents: Organizing
policy coverage to end? When your (for example: by check, online your finances to hand off is not
finances are organized, and you banking bill pay, auto draft a one-time event. Not only do
have an emergency financial back from bank account, pay by our financial lives change with
up plan, it will bring you peace of phone, and other payment time, but the person you have
mind that you can go about your options) designated to handle these
daily life, knowing that someone financial responsibilities when
can take over your finances, if c. How the bill is received (for needed, needs a refresher – so
needed. example: by mail, by email, by schedule, at a minimum, a yearly
text, by phone) review and update.
What steps can be taken to get
you started with organizing your d. Are there exception-type bills
finances? that are paid
annually or via
1. Take care of the legalities: other options?
A financial power of attorney
gives your designated person the e. What account
legal authority to take financial is a bill paid
actions on your behalf. The from, if there
person with this legal authority are multiple
should be someone you trust, and accounts?
you should communicate with
them your expectations. f. What is the due
date for the bill,
to prevent any
late fees?
Amarillo Senior Link 9
