How Are You Involving Your Children/Others In Financial Management?

[Caligal]

Hi there,

I feel very fortunate to have all my marbles BUT

I recently read a Kaiser article about how people with dementia start missing bill payments 6 years(!) before they get diagnosed and then of course I've read all the scary stories about fraud and identity theft. It's making me wonder if/how I should involve my children in my finances, whether I should see if there's someone I can hire to keep an eye on my accounts so as not to burden the kiddos (but will that person just defraud me?). How are other people handling this?

 

[Myquest55]

Whenever one of our sons comes to visit, I try to go over our financials - even just a quick summary and assure them I'm still "with it". They all know there is a binder "THE BOOK" with a statement from EVERY account we have plus a box "THE BOX" with wills, passports, other important contracts or statements. They will, at least, know where to look.

I was concerned after reading an article about a woman who became hospitalized and her son had trouble getting access, with a Power of Attorney to her checking account so he could pay her bills. They required a Financial POA on file. We have a Financial POA but hadn't thought about giving the Credit Union a copy. So I called them and had a conversation recently, about that scenario.

The Representative said they do not need a copy now because that will give whomever we designate - access to our accounts immediately BUT they have a special cover sheet that must accompany the POA - when it is needed. They sent me a blank and I printed out several copies. I'm thinking we will both fill one out and sign it so our Executor son will have access when he needs it - should we be incapacitated or dead.

Talk to your bank!

 

[Knight]

Similar to Myquest55 as part of pre planning we've written out all our financial incomes, assets, payments & credit card numbers. Each of our 3 sons knows about this document that I upgrade about every 6 months. They know where it is kept in our home should the need to be that kind of help . Our attorney has specific instructions for every scenario I could think of that might happen. Our sons know they have to work with him.

I specifically said "we've" written out since I expect to take the dirt nap 1st. During that time of what I expect would be high stress I think it would help my wife to not have to try to remember everything.

 

[Liberty]

Son has the bound folder from the Lawyer. Told him to call the auctioneer for the house stuff, then do what he wants with the land and home. Its a killer for the one left breathing in the house. Price we pay for being human and loving.

 

[NorthernLight]

When I lived with someone, I wanted him to have all the household goods, etc., so I wrote a will. I had an acquaintance who was willing to be executor, in exchange for everything else (e.g., my old car, whatever was in my bank account, death benefit from government).

Now I don't have such an acquaintance nearby, and no faraway relative who would be willing or able to deal with what I leave behind. The government won't take it on because my assets are below a certain threshhold.

So I guess my landlord will deal with certain aspects, like trashing my belongings. The bank, phone company, and others will eventually close my accounts. It seems irresponsible to leave a mess behind, but what am I supposed to do?

 

[Skyking]

When I lived with someone, I wanted him to have all the household goods, etc., so I wrote a will. I had an acquaintance who was willing to be executor, in exchange for everything else (e.g., my old car, whatever was in my bank account, death benefit from government).

Now I don't have such an acquaintance nearby, and no faraway relative who would be willing or able to deal with what I leave behind. The government won't take it on because my assets are below a certain threshhold.

So I guess my landlord will deal with certain aspects, like trashing my belongings. The bank, phone company, and others will eventually close my accounts. It seems irresponsible to leave a mess behind, but what am I supposed to do?

May I suggest you don't worry about it? Not even a bit. We come into this world with nothing and leave with nothing, and that's the way it was meant to be, nice and clean. When you leave this world you leave all of your baggage behind. Look forward to your next gig in the stars.