Who Will Manage Your Financial Affairs When You Can’t?

By Elsie Dudukovich0 Comments

The SEC’s Office of Investor Education and Advocacy and the Consumer Financial Protection Bureau’s Office for Older Americans issued an Investor Bulletin and Consumer Advisory on planning for diminished capacity and illness.  This Investor Bulletin provides a starting point for organizing your vital information, as well as what to do if you are asked to help a loved one manage their affairs.

Here are four ways to prepare for the worst case scenario if you or a loved one becomes unable to manage financial decisions:
  • Organize your important documents in a safe location in the event of an emergency:
    • Bank and brokerage statements and account information.  If you access these items electronically, provide information about how to get those statements online.
    • Locations of any safe-deposit boxes, including where the keys to the safe-deposit boxes are located.
    • Mortgage and credit information.
    • Insurance policies
    • Pension and other retirement benefit summaries
    • Social Security payment information
    • Contact information for financial and medical professionals, such as doctors, lawyers, accountants, and securities professionals.
  • Provide your financial professionals with emergency contacts.
  • Consider creating a durable financial power of attorney.
  • Keep things up to date and make sure your financial professionals are informed of changes regarding who has authority to review your account.