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.
Today’s top story: The 2 costs that can make or break your nest egg. Also in the news: Buying stocks in a year of uncertainty, getting paid for family caregiving, and how people spent their stimulus checks. 