Mature Life Features

. . . it’s a good thing that

we have two parts to our brain,

but on the left side, there’s nothing right, and

on the right side, there’s nothing left.

= = = = =

Emergencies Call for

Financial Hand-off Plan

You’re enjoying your vacation in your favorite village across the sea when you crash into a truck and you and your spouse are rushed to the nearest hospital with injuries that require weeks of treatment.

Who’s going to handle your financial affairs while you’re both bed-ridden in a foreign land?

Just thinking about all the things you have to do could kill you. You have to deal with local authorities after the crash, have the medical team caring for you contact your doctors back home, decide whether to have surgery where you are or try to get back home to have it done, re-arrange your return-ticket and travel arrangements, and make sure bills are paid back home if your medical treatment requires you to stay abroad longer than anticipated.

This is just one example of an unanticipated emergency that can mangle your life fiscally as well as physically.

To prepare for such events, you might consider having someone – usually a family member — to be ready to step in and take over your finances.

It doesn’t have to be permanent, but you should put together a financial plan that can be handed-off quickly when a disaster dumps on you.

Start by simplifying your finances.

Cut down the number and types of banking and credit-union accounts you have. If you have Social Security, retirement-fund, pension and any other payments being made automatically, have them consolidated into one account. Whoever has to stand in for you financially during an emergency will have no idea how you transfer funds from one account to another.

Eliminate electronic payments. Keep your papers bills and statements coming in by mail. This assures anyone picking up your money management will see all your bills.

This applies especially to credit cards. You might also cut down on the number of cards. Two or three are enough. Make a list of all accounts, credit cards and store cards you have.

List all recurring payments — utilities, internet service provider, rent or mortgage, medical and auto insurance, and so on. Also list any other sources of income,

Make copies of your driver’s license, Medicare and medical supplement cards to attach to that list. This will help your helpers identify themselves as your proxy. Keep this list in a spot handy enough so your agent can get at it quickly.

Don’t dump this job on someone who doesn’t want it. If all your family members don’t want or can’t handle such matters, you might consider hiring an attorney to handle your money matters when the unexpected blind-sides you.