Money management in old age

When the time comes that my wife & myself become too old or infirm to carry out the day-to-day financial activity of our lives, any suggestions on who or what could do this on our behalf?
Our only family is too far away to help & our friends are of a similar age & state of health & we would not wish to burden them with the problem.

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Comments

  • Savvy_Sue
    Savvy_Sue Posts: 46,001 Forumite
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    With the growth of internet banking, distance matters less.

    You  can use a local solicitor but that would be costly.

    What sort of activities did you have in mind?
    Signature removed for peace of mind
  • PennyForThem_2
    PennyForThem_2 Posts: 1,036 Forumite
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    Most stuff can be done via the internet.  However you probably need to look at setting up Power of Attourney.
  • elsien
    elsien Posts: 32,631 Forumite
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    edited 27 July 2020 at 2:05PM
    There are some paid local money management services which can help with things like money drops, supporting with the bank/direct debits, tc to utilities for bills, etc. These only apply when you have capacity and are with them to be able to give authority. 
    This sort of thing although the scope varies between organisations and geographical areas.
    https://www.ageuk.org.uk/berkshire/our-services/money-management/#:~:text=Age%20UK%20Berkshire%20has%20been%20supporting%20people%20in,managing%20your%20finances%3A%20your%20income%20and%20your%20spending.
    Otherwise it would need to be a power of attorney which a solicitor would do at a cost. 
    Your local authority may be able to tell you what's available in your area and who provides it. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Thanks for the comments & suggestions, some things to follow up. The main problem is finding someone local to take on the low level work without going the solicitor route.
  • RobM99
    RobM99 Posts: 2,514 Forumite
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    On-line is easy and secure.
    Now not a gainfully employed bassist.
  • missile
    missile Posts: 11,684 Forumite
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    My concern would be finding someone to trust. There are horror stories of golden oldies being fleeced by carers, family, friends and even by their solicitor.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • Robin9
    Robin9 Posts: 12,077 Forumite
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    Missile - do you actually pay anything in cash or even by cheque ?   Many tradespeople ask for pay by card or transfer to bank.  
    Do you receive anything in cash ? eg pensions.

    How are you with utilities and switching supplier.?

    It is worthwhile giving written permission to your doctor, social worker, bank, utilities for your family to speak on your behalf. Distance is not a problem and your family can help in this way
    Never pay on an estimated bill
  • missile
    missile Posts: 11,684 Forumite
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    Robin9 said:
    Missile - do you actually pay anything in cash or even by cheque ?   Many tradespeople ask for pay by card or transfer to bank.  
    Do you receive anything in cash ? eg pensions.

    How are you with utilities and switching supplier.?

    It is worthwhile giving written permission to your doctor, social worker, bank, utilities for your family to speak on your behalf. Distance is not a problem and your family can help in this way
    I seldom pay by cash
    I pay utility bills by bank transfer
    I purchase most goods and services by credit card
    Pensions are received by DD to my current account(s)
    I am still able to speak on my behalf and wife has PoA.
    My point was, be very careful who you trust. 
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • With smart gadgets, internet banking, money apps like PayPal, Skrill etc is it still a problem? I think you can go with your banking app alone to manage your finances. By the Monzo is a cool option that you can choose and enjoy your digital banking in the UK. 
  • snowbird20
    snowbird20 Posts: 154 Forumite
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    we will be using an officer at the bank where the trust accounts are located.  This is also what my mother-in-law does.
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