Planning for Memory Changes

The story: Ruth sets things up early

After a couple of slipped bills, Ruth and daughter Ana simplify accounts, set up autopay and sign papers that name helpers, with Ruth making every choice.

1. Narrator: Ruth has always been good with money. Lately, a bill or two slipped by.
2. Ruth: I paid the water bill twice and missed the phone bill. That’s not like me.
3. Ana: Planning ahead doesn’t mean anything is wrong. Want to set things up together, your way?
4. Narrator: Ruth sets up autopay, closes two old accounts and names Ana as a trusted contact.
5. Narrator: Ruth also signs a durable power of attorney and names a Social Security payee in advance.
6. Ruth: I chose my helpers while I could. That feels good.

What you’ll learn

1. Early money signs

   Money skills can slip before other signs show. Watch for missed or double-paid bills, unusual purchases and trouble reading statements. Some causes are treatable, so a doctor visit matters too.

2. Simple is safe

   Fewer accounts, autopay for regular bills and automatic transfers make money easier to manage, for you now and for anyone who helps later.

3. Choose your helpers

   Sign a durable financial power of attorney, naming someone to handle money if you can’t. Name a trusted contact. Invite a “money co-pilot” with view-only access, who can spot problems but can’t move money.

4. Benefits need their own plan

   A power of attorney doesn’t cover Social Security or VA benefits. Social Security uses a representative payee, and you can name yours in advance. The VA uses a fiduciary. Couples: plan for the day the “money person” can’t manage.

Key words

cognitive decline

changes in thinking and memory

durable power of attorney

authority you give someone that keeps working if you can’t decide

representative payee

the person Social Security pays on your behalf

VA fiduciary

the person the VA appoints to manage your VA benefits

Common questions

What if I’m worried about someone else’s memory?

Start with a kind talk and an offer to help, not a takeover. The CFPB guides on the fact card help family members who manage someone else’s money.

Do I need a lawyer for a power of attorney?

Rules vary by state. Many people use an elder law attorney or legal aid, and banks may also want their own form. The Legacy lessons cover the key papers.

Remember this

Set it up while you can choose. Simple is safe.

Try it: Make one thing simpler

1. Close or combine one account you don’t use.
2. Set up one autopay for a regular bill.
3. Choose a money co-pilot, and give them a printed copy of your money map.

No account: use a printed copy of the money map kept by the person you trust.

Live facts

Numbers that change over time, with when they were last checked and where they come from.

• Name a representative payee in advance

  Source: SSA.gov(opens in a new tab)

• VA fiduciary program

  Source: VA.gov(opens in a new tab)

• Guides for managing someone else’s money

  Source: ConsumerFinance.gov(opens in a new tab)