Dear Liz: Who can I hire to do my bill-paying when (or if) I get into very old age? If I die first, no problem. My wife has sons to turn to. But if she goes first, I may need help managing my money. I’m sure many folks are in my situation, with no family to call on.
Who helps single, childless old folks pay their bills?
Answer: Professionals known as daily money managers can help with a number of routine financial tasks, including paying bills, organizing financial records and handling insurance paperwork.
They can help with budgeting and monitor accounts to protect clients from theft and scams. They serve older adults, people with disabilities, the neurodivergent (such as people with attention-deficit issues), busy professionals and small business owners, among others.
You can learn more at the American Assn. of Daily Money Managers. Use the orange “Find a DMM” button at the top of the organization’s home page to search for daily money managers near you.
You also may be able to get referrals from your tax pro, estate planning attorney, financial planner or local Area Agency on Aging. Before you hire anyone, you’ll want to ask about their experience, certifications, fee schedule and professional insurance.
What a daily money manager typically can’t do is take control of your finances if you become incapacitated.
For that, you and your wife should both have durable powers of attorney for finances that name trusted people who can make money decisions if you can’t. If you don’t have anyone you trust, talk to your estate planning attorney about professional fiduciaries who may be able to help.
Dear Liz: In a recent column, you quoted an estate planning attorney who suggested ways to find a copy of a living trust after a parent’s death. I have no quarrel with her advice, but suggest a simpler option to consider: See if there is a bank safe deposit box in which such a trust might be located.
Older individuals tended to keep safe deposit boxes for decades, and if a child finds a key in the living mother’s possession, that might be a good place to look for the missing documents.
Answer: It’s worth a shot.
The parent in question, who suffered from dementia, destroyed information related to the living trust, including the document itself and the name of the attorney who drafted it. Estate planning attorney Jennifer Sawday suggested checking the deed to the parent’s home, since the attorney or law firm may be listed as the party that requested the deed be recorded when the home was transferred to the trust.
Estate planning experts typically advise against storing living trusts, wills and other estate documents in safe deposit boxes, since banks may restrict access after a death and delay administration of the estate. In this case, though, a safe deposit box might have protected the documents from the parent’s destructive tendencies.
Dear Liz: Concerning the missing trust document, they should also check with existing banks and brokerages that the trust has accounts with to see if they have a copy of the trust. Odds are very low, but it may be worth the effort.
Answer: Banks and brokerages aren’t required to keep such copies, but it doesn’t hurt to check — and it’s certainly cheaper than going to court.
Got a question about money? You can submit it here.
Liz Weston, Certified Financial Planner, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.
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