Fundamental Facts, Tips About Long-Distance Money Management
By: Source: AARP Bulletin Today Date Posted: 2003-06-01 10:31:00-04:00
To aid in long-distance money management, here are some steps parents and their adult children may want to consider:
Banking Access
- Older relatives may make an adult child a joint owner of their bank and other accounts so that he or she is authorized to act for them in an emergency.
- They can also appoint someone as joint renter, deputy or agent for their safe deposit box.
Durable Power of Attorney
- This legal document gives one or more people the authority to handle some or all of the finances, property or other personal matters in case a parent becomes incapacitated.
- If a parent becomes incapacitated and does not have a durable power of attorney, an adult child may need to be appointed guardian by the court in order to manage a parent's financial affairs.
Talk to Your Parents About Financial Protection Measures
- Know where to find personal and financial documents in case of an emergency.
- Ask to be notified by companies if parents miss bill payments.
- Share financial information and responsibilities with other family members, especially caregivers.
- Stay in touch.
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