Create a Roadmap to Your Important Information

The “Save It or Shred It” guide has been updated 2020 and you can download a free copy of this white paper to help understand:

  • Why it is important for every adult to organize their personal information
  • Which papers are important to gather
  • What information you should document/record
  • Which papers to keep and which documents you should shred

The reality is that MOST of us will need someone to have this information so they can help us. Many of you have probably already experienced this. You need to step in and help someone, and the hardest part is getting a handle on the information you need to help them.

When you are done, I promise you the roadmap you create will save you TONS of time and frustration.

Get your free copy here. Offered.

If you want a tool that will walk you through this process, you can order MemoryBanc: Your Workbook for Organizing Life on Amazon or visit my company page to learn about the other format options to include a digital version and binder edition. 

Will the bank accept your Power of Attorney?

As the adult family caregiver named as power of attorney, I had an incredibly difficult time getting my Mom’s banks to recognize her power of attorney so I could officially support her. It was less than 2 years old, I provided the original, but since my Mom was alive, they wanted her to come with me to the bank and to sign their power of attorney documentation.

My Mom was so unsteady on her feet she needed a wheel chair. It was difficult and uncomfortable for her to go out. She never wanted to be in a wheel chair and half our journey’s out were battles over getting her to sit down. She was also incredibly frail and the task of just getting into the car would wear her out.

Wasn’t that the point of the Power of Attorney (POA)? I was very frustrated when the banks just failed to recognize my POA. In Virginia I could have pursued a legal suit … but I was already busy enough as my Mom’s family caregiver.

I am not alone as The New York Times story “Finding Out Your Power of Attorney is Worthless” confirms. Sadly, it is not just an issue of the Power of Attorney, but family members are still reporting difficulty getting banks to release funds after death. Here is a recent NBC News story about how difficult it was for Maggie Mulqueen when working with Citibank.

For years, I just used the online banking access to manage my parent’s finances. When I ran into issues, I would either have my Mom sign checks to move the money or just shut down the accounts. When USAA wouldn’t recognize the POA, I didn’t pay to renew my parent’s insurance and moved the account to a new insurance provider. There are some ways to end-around the roadblocks, but it seems ridiculous to have to out- maneuver the bank.

This past week, I walked into two banks to establish myself as Power of Attorney for a client. I need to get her past banking history since no taxes were filed since 2017, and need to be able to sign checks on the days when she is too weak to help. Remarkably, both banks (SunTrust and Wells Fargo) were extremely accommodating. I even had a note from the doctor stating she was unable to manage her own affairs, but did not have to provide it.

I learned two things:

  • You can’t have an active credit freeze. As Power of Attorney, they will create a new bank profile (requires a credit check) for you that is attached to the individuals bank account(s).
  • They view adult children differently than professionals that act as Powers of Attorney.

My logical brain understands this, but my journey as the adult child who was trying to help my parents DETESTS this varied treatment.

Maybe things are changing? Adult family caregivers … what are you finding? Curious.

THANKS to Ashley — Good food for thought and was a tactic I used when I was caring for my parents. Her lawyer suggested she not disclose the information to the bank. Thankfully, her parents added her to their bank account. After I hit a few roadblocks, I just set up online access to most of my parents accounts and did as much as I could digitally and in the spirit of their Power of Attorney. When I hit roadblocks and went to the bank with my POA was when I learned how difficult it was to get them to honor it.

When to claim Social Security?

A report released estimates that “almost all American retirees claim Social Security at the wrong time … which means they will miss out on a collective $3.4 trillion in benefits before they die.”

Oooaaaaffff. That hurts.

Especially when we are living longer and care costs are escalating. Most American’s don’t realize that many care costs are not covered by their medical insurance. Help in the home (dressing, bathing, eating, toileting) is not covered by medical insurance, but is why long-term care policies are offered.

The last year of my Mom’s life cost over $200,000 in 2015. That included the memory care community she lived in (it wasn’t super fancy, it was just the right community for her) along with the additional costs for a personal care assistant added up quickly. Unfortunately, my Mom was unsteady on her feet so we had to pay for additional care when she was awake so she didn’t keep trying to walk and then fall and end up in the Emergency Room.

Social Security offers a retirement calculator which I recently used with my sister. It made it easy to see when to turn on her benefits.

If you work with a financial advisor, I would contact them to learn how and when turning it on makes the best financial sense for you. Talk to you friends and family to learn how they made their decision. This is a situation in which talking about money and the choices we make can be great learning experience.

Let me know what you decided to do!