Some ideas to help you pay your bills when you may be slightly or very forgetful.
So, let’s assume you are still safely living at home but you are worried that you might stop being able to manage your financial affairs before you realize you have stopped being able to manage your financial affairs. There are a couple of things you can do to make your finances easier for yourself.
Step One: Automatic Bill Pay
The first thing to do is to set up automatic bill pay on as many accounts as you can. This way, bills are always paid and always paid on time. Many companies such as your mortgage holder, electric company, water, power, insurance, and credit card companies will gladly set up automatic bill pay. The idea is that your monthly payments are automatically withdrawn from your account. This way you are never late with your payments. A bonus of automatic bill pay is you can choose the date each bill is paid so you can manage your bills comfortably.
Step Two: Online Portal Access
Next – get yourself signed into your bank’s online portal. You will be able to use the portal to pay bills that you cannot set up on autopay. Familiarize yourself with how to do this. Local banks will help you with this process. If your bank won’t help you, it may be time to find a bank or credit union that prides itself on excellent customer service.
Step Three: Estate Planning Documents
Finally – get your estate documents written. Have an estates and trusts attorney prepare your financial power of attorney form, advance medical directive, and your last Will and Testament. I think it is important to work with an attorney rather than do these documents yourself. There are so many ways to make a mistake. And the problems with improperly completed documents won’t be found until it’s too late for you to fix them, as mentally incapacitated people cannot sign new documents.
There you have it, a simple three step-plan – autopay, online portal, and estate documents. Once these three are done, you are well on your way to taking care of yourself for many more years.