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How to Prepare Your Finances for Someone Else to Take Over

What happens when the person in the household who handles the finances is no longer there or is unable to handle them on their own?

If you’re reading this, you are most likely the person who is in charge of the family finances. Now, imagine that you had to go away for six months and weren’t able to have any contact with your family. What would you come home to? It might be a pretty scary thought, which is why it’s important to have a plan if and when you need someone else to manage your finances.

It’s inevitable at one point or another that we won’t be able to manage our finances anymore. Whether you’re facing an illness or disability, a prison sentence, or are simply getting older, it’s imperative that you set you family up for success when you’re no longer able to manage your money. You can do this by creating a financial survival kit.

Creating a Financial Survival Kit

Write down step-by-step instructions regarding which bills are paid when and how to pay them. Put this in a safe, secure location, and tell the person taking over your finances where this is.

You should also include copies of disability forms if you have coverage through your work and give instructions on how to go about getting them filled out. In addition, compile other important financial documents such as bank accounts, investments, bills, tax returns and insurance policies. Ensure everything is together in the event your new financial manager needs to refer back to old documents.

The most important document in this kit will be your power of attorney, which names the person or organization who will be in charge of your finances. Every financial survival kit will be unique based on your personal needs.

Financial hardship usually happens when we least expect it, and it can happen to anyone. The best thing to do is to try and think about it before it happens and to make a plan. Finances on their own can be quite overwhelming, and having to deal with a stressful family situation on top of that can make it even harder.

SolveYourDebts.com would be an excellent number to have on hand as part of your financial survival kit. Contact us today to find out how we can help with your debt.

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