Giving Bank Account Access to someone before Entering a Nursing Home
If you will soon be entering a nursing home, then there are certain things you will want to get in order before you move. Of course, gathering up your financial documents and having everything where you can find it will be important. However, another thing to consider will be whether or not to give financial power of attorney to someone else. Essentially, when you do this, someone else can make financial decisions for you, pay your bills, deposit checks, etc.
One choice you could make is to give someone you trust bank account access. Then, they can handle your finances from there. This will be a part of your financial power of attorney document. This is a personal decision, but let’s look at two reasons why this might be a good idea depending on your own situation.
It Can Be Overwhelming
Daily money management is stressful for anyone. After all, there is balancing the checkbook, paying bills, depositing money, going to the bank, and much more. If the money is tight, then things become even more stressful. It’s difficult no matter the age, but for elderly individuals in a nursing home, it can be even more difficult. Why should you have to spend your days dealing with your bills and expenses? If you hand this responsibility over to someone else, then this no longer has to be an issue. As long as you trust that person to properly handle your finances without abusing their power,you won’t have to worry about anything but enjoying your golden years.
If you don’t have anyone in your family you trust with this responsibility, then another option can also be to hire a money manager who will do the work for you, but on a professional level.
Cognitive Issues May Come into Play
Although it is an unfortunate thing to think about, dementia may come into play. That may even be the reason why you are entering an assisted living facility. Dementia can cause a variety of problems that make daily life difficult, and the last thing you would want to do is accidentally give someone money just because they called and asked for it even though you didn’t owe them. Financial matters are certainly better left to someone else if you have a condition like Alzheimer’s disease.
The key to giving someone access to your bank account before you move to a nursing home will be to choose someone you feel you can absolutely trust. If you don’t have that type of person in your life, then hire a money manager as mentioned. If you need to learn more about financial power of attorney, then this article will help (Four Questions You Need Answered about Power of Attorney). Find out more about what documents you will need before entering a nursing home by reading this article (Information Your Loved One Will Need before Entering a Nursing Home). Having your finances in order is an absolute must, and giving someone else bank account access can save you a lot of stress and grief in many different situations depending on your own preference and mental state.
Tags: Nursing Homes Geriatric care