These steps can help you get started with financial caregiving.
Caring for Family Members
5 steps to establish
financial caregiving
Sometimes loved ones may need extra help managing finances.
Step 1: Recognize when someone may need help with money
You may recognize that a loved one needs financial care and assistance if you notice:
- Bills are going unopened or unpaid
- Money is being spent carelessly or excessively
- Signs of memory loss related to finances
- Signs of financial fraud or scams
If you notice any of these warning signs, it may be time to begin a financial care conversation so that trusted friends or family members can provide support, oversight, and guidance.
Step 2: Open the door to a financial care conversation
The topic of financial caregiving is sensitive, so it is vital that everyone involved feels comfortable talking candidly about the subject.
To encourage open dialogue:
- Invite everyone who needs to be involved in the financial care process.
- Set a date and timeframe that works for everyone involved, and ensure they know the purpose of the conversation.
- Make sure everyone feels that the environment is comfortable, safe, and low pressure.
Step 3: Discuss roles and financial responsibilities
Talk openly about your concerns so that your loved one understands your perspective.
Be clear about the needs and reach agreement on what role everyone can play in the financial caregiving process.
Important questions about roles and responsibilities may include:
- If financial help is needed, where will it come from?
- Who will help manage finances and for how long?
- What level of supervision or joint decision-making is needed?
We recommend creating a basic chart that lists the tasks to be done, who’s on point for each task, and supporting details such as dates or contact information.
Step 4: Determine what financial access may be needed
In some cases, a trusted person may be identified to manage finances, or even complete transactions.
This may never be needed, but it’s better to proactively consider the pros and cons of available options and consult a lawyer as needed before financial access is delegated.
Some options to consider may include:
Wells Fargo Online® Guest User
For customers who use online banking, adding a guest user to an account may sometimes be helpful.
Guest users can:
- View account balances
- Download up to 18 months of transaction history
- View and request copies of checks and statements
- Access account information
The account holder can manage guest users by signing on to Wells Fargo Online and going to Security & Support > Use Account Access Manager.
Authorized Account Signer
You may consider adding an authorized signer if you need full support on an account. An authorized signer has the same authority as the owner for the account(s) they are added to. Once added to an account, signers do not need the owner’s input or approval for transactions.
To add a signer, you both must visit a Wells Fargo branch.
Financial Power of Attorney (POA)
A power of attorney (POA) is a written authorization by which a person (called the Principal) can appoint another person (called an Agent or Attorney-in-Fact) to act on their behalf on financial affairs or a legal matter.
As a reminder, state requirements for a legal revocation of a POA vary and automatically end when the principal passes away.
To add a POA to a Wells Fargo account, the account holder may either sign the Wells Fargo Power of Attorney form (only applies to Wells Fargo Mortgage and Home Equity accounts) or present Wells Fargo with a power of attorney previously prepared and executed elsewhere.
Step 5: Stay organized with detailed financial care records
When you’re acting on behalf of another person with their finances, keeping detailed records will be essential.
It’s best to do this together so that you both can:
- Understand all income sources to gauge the ability to pay for expenses.
- Review accounts to confirm when payments are due, and if automatic payments are set up.
- Set up payment reminders.
- Limit the use of cash and keep copies of all receipts of expenses paid.
- Use the memo field when writing checks or sending electronic payments to make notes.
Read more
You’re on your way to begin caring for someone’s finances. Up next:
Planning for long-term care and retirement
Discover the costs of long-term care and explore tools to help pay for it.
Understanding Required Minimum Distributions (RMDs)
Learn about RMDs and key rules to follow once you reach your required beginning date for distribution.
What’s my number?
A calculator to help you plan how much you'll need to save for retirement, and how to do it.
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