Reply to How do you officially manage your parent's money?

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[quote=Anonymous]Each financial services firm has their own form and most won’t accept a general POA. I’d get into filling them out asap because some require wet signatures, witnesses, and notaries, and others let you do everything online.

Also, each firm can have different rules for different types of accounts. I’d ask each firm upfront what the policies are for each type of account and what documentation they need. I found that I’d fill out a form, then learn I actually needed something different.

Also, don’t just talk to regular customer service reps. Always ask for the estate department. They’re so much more knowledge and won’t give as much contradictory advice.

Once all the paperwork is fully done, email copies to yourself. That way they’ll always be available in a pinch. For example, you’re in the hospital and they want the most recent health care proxy form. You can just forward it right over from your phone.

Also scan images of all IDs and financial cards, front and back. Over time you’ll find you need them constantly.

These are lessons I’ve learned the hard way. [/quote]

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