After consulting with a lawyer and thoroughly understanding your obligations, obtain Power of Attorney. A POA will give you the legal authority to manage the finances.
Find out where financial records are kept and organize the files.
Develop a list of all bank accounts, investments, loans, credit cards, pension and insurance policies.
Learn about monthly income. Be aware of monthly bills and other financial commitments.
Strive to maintain the dignity of your relative. Include them as much as possible.
Be flexible - what worked before may not work now.
Be sure that all insurance policies have the correct beneficiaries listed.
Consolidate credit cards. Notify the source and destroy the card.
Use direct deposit, automatic and internet bill paying options.
If your relative is prone to poor decisions, have important documents mailed to a P.O. Box.
Depending on your situation, get ongoing help from a lawyer, accountant or financial planner.
