Never trust a stranger with your finances no matter how faithful they look

Never trust a stranger with your finances no matter how faithful they look

Sometimes we seniors tend to trust strangers with our finances especially when we do not have relatives or heirs to our wealth. As much as we would like to make them feel like they are being rewarded for being faithful, we should not entrust everything to them. If you have no one to manage your finances, then it is very crucial to look for other ways of making sure that your finances are secure and safe. Always remember that your finances after retirement will be your source of help since you have no one whom you call a relative or heir. Instead of entrusting your finances to an outsider, here are a number of ways to do in order to keep your finances safe during your senior age.

Allow the bank to manage your finances

With the current world, it is now very possible to allow a bank to manage your finances as long as those finances are held on their account. As soon as you entrust a bank to manage your finances, here are some of the services they will offer. First, they will make sure that your monthly bills are paid on time without delay. Although they do this for a small fee, you stand a chance to become efficient in terms of payments for services. Secondly, once given standing orders, the bank will never forget to complete any transaction given. Unlike depending on your memory, the bank will always do payments and receipt of payments on time and they never forget anything you order them to do. Thirdly, the bank will always notify you in cases where your signature is required.

Allow the power of Attorney to be the final decision

Considering that you are a senior who has no heir or relatives, it is very crucial to make sure that you entrust your finances to an attorney. With an attorney, you will have an opportunity to decide how your finances will be run or how they will be shared when you are no more. The attorney in this case well act as your financial trustee and not someone who has interest on your finances. Unlike entrusting a stranger or a non-relative to your finances, an attorney will always execute that which has been agreed between you and him/her. In so doing, you will have avoided financial risks associated with entrusting your finances to a stranger.