I need a check list for getting financials in order, can you recommend one?


As POA and eventual Executor, I would like to get things in order and feel on top of it, so that if/when it happens, the loss won't be compounded by the stress of the financial duties. Is there a resource you would recommend? Is there a kit to buy, with checklists, folders and envelopes, perhaps? Or a computer program I should use?

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Thank you, those answers were tremendously helpful! Some things I hadn't thought of. I really appreciate your responses!
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Avoid cash! Do all transactions on paper, even groceries.
Learn to pay bills with online banking. NEVER go to the bank and take out money for ANYTHING. That is the biggest pitfall for POA's "Oh I needed cash for her to go shopping" No-no big time.
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Quicken / quick books is great. Many banks can do an online synch of your account into your quick books too as part of online banking.

I'd suggest getting a good printer with scanner. I love the HP Envy series of printers / scanners . This way you can scan all those reams of paper to a thumb drive. If your OCD on loosing the td, then you get 2 and just dupe all when u scan and put one in your safe deposit box.

Do you have the probate attorney selected? If not, I'd go ahead and find one and go to see them. Take all of your elders existing paperwork too. Personally, I would have them look at the current will, dpoa, etc and do a codicil to the will or some other paperwork that their office does. It just establishes a history of existing relationship just in case someone challenges you as executrix years from now. The probate atty will hold the will in their files at the ready forever too.

I'd go to the bank to make sure that you are a signature on all accounts perhaps as POD on them (so balance passes to you outside of probate). If they have multiple banks and all sorts of CDs, Tbills, perhaps look to close out & consolidate. You may find that just to make life easier, that you have your own account at the same bank & get to know a bank officer. If your elder has real money, I'd speak with someone within the trust dept of the bank & not someone who just works at a branch.

This time of the year (Nov - Feb) is great time to get organized: their awards letters are going out; their real property tax bills have been sent: they will be getting 1099's so you can see everything that is an asset tied to their SS#. If their life insurance is paid up, you get a dividend report in jan. good luck!
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