The power of eight

Want to start thinking critically, here are some questions to ask when you discover or are given new information. These are broad and versatile questions that can be used in any situation. We may or may not like the answers we hear, and we need to be aware of the biases of the person/source that gives us the information. Who, What, When, Where, Why, and How questions were drilled into me when I worked as a reporter when I first went to university. The questions stayed with me throughout my working career and helped me understand new situations and helped me at times navigate interesting challenges. All questions in each category do not need to be asked, but all should be considered.

Who:

1.     Benefits from this?

2.     Is this harmful to?

3.     Makes decisions about this?

4.     Is most directly affected?

5.     Have you also heard discuss this?

6.     Would be the best person to consult?

7.     Will be the key people in this?

8.     Deserves recognition for this?

What

1.     Are the strengths and weaknesses?

2.     Is another perspective?

3.     Is another alternative?

4.     Would be counterargument?

5.     Is the best/worst scenario?

6.     Is the most/lest important?

7.     Can we do to make a positive change?

8.     Is getting in the way of our actions?

Where

1.     Would we see this in the real world?

2.     Are there similar concepts/situations?

3.     Is there the most need for this?

4.     In the world would this be a problem?

5.     Can we get more information?

6.     Do we go for help with this?

7.     Will this idea take us?

8.     Are the areas for improvement

When

1.     Is this acceptable/unacceptable?

2.     Would this benefit our society?

3.     Would this cause a problem?

4.     Is the best time to act?

5.     Will we know we have succeeded?

6.     Has this played a part in our history?

7.     Can we expect this to change?

8.     Should we ask for help with this?

Why

1.     Is this a problem/challenge?

2.     Is it relevant to me/others?

3.     Is this the best/worst scenario?

4.     Are people influenced by this?

5.     Should people know about this?

6.     Has ti been this way for so long?

7.     Have we allowed this to happen?

8.     Is there a need for this today?

How

1.     Is this similar to _____?

2.     Does this disrupt things?

3.     Do we know the truth about this?

4.     Will we approach this safely?

5.     Does this benefit us/others?

6.     Does this harm us/others

7.     Do we see this in the future?

8.     Can we change this for our good?

Signs, signs everywhere are signs

 In our last post, we looked at Red light signals that indicate that you should turn your finances over to an attorney sooner rather than later. In some cases, you or others start noticing some of the warning signs given. Now what?

Time to put your plan into action! Based on the signs, a full transition might be needed. But if you can still handle many of your money matters, we recommend you transfer responsibility to your attorney gradually, based on the help you need. Here are some smart tips to prepare for an easy, less stressful transition for both of you.

Go over your updated financial inventory in detail with your financial advocate.

Consider this your advocate’s “financial orientation.” You might feel uncomfortable openly sharing information that you used to keep private, but remember that you chose your financial advocate because you can trust them. They’ll need to be fully familiar with information to do a good job. If your finances are fairly complicated, you can cover the information over a couple of sessions.

Here are some signs that might give you pause for thought

•        You need caregivers* to help you with tasks such as preparing food, getting dressed, and taking medications.

•          You drive less because you don’t feel safe.

•          You spend more time alone because it’s harder for you to visit with others or keep up with conversations.

•          You start neglecting tasks like looking at your account balances, home maintenance, housekeeping, and food shopping and preparation—chores that you used to do just fine.

•          You forget to pay a few bills on time, or you pay the same bill twice.

•          Your personal habits change. For example, you don’t always return phone calls or emails when you used to respond right away, or you don’t keep up with hobbies anymore.

•          You start having trouble doing business over the phone or handling familiar tasks on the computer.

Just one of these warning signs may not be enough to turn finances over to your attorney, but more than one might be a warning that it’s time to begin giving your attorney more jobs to do. This is a good time to sit down and discuss what help you might need.

*Remember: while home health aides and other caregivers can help with daily activities, they should not have access to your money or personal information

Temporary incapacity

There are situations in which having trouble managing your money is only temporary, like an illness, accident, or major surgery where you expect to fully recover your ability to make decisions and monitor your money. Even in these instances, you may need your attorney to step in for a time.

When should you consider getting a Power of Attorney?

When should you consider getting a person to act for you by giving them a Power of Attorney? There might be a series of warning signs as set out below that you should take seriously.

•        You often make serious mistakes, such as forgetting to take medications or pay the bills, failing to file tax returns, pay property taxes or insurance premiums, or you get lost when walking or driving to familiar places.

•        You’ve made some unwise choices and lost a significant amount of money and are at risk of losing more.

•        You’ve been admitted to a nursing home, skilled nursing facility, or assisted living facility, or you’re spending a lot of time in the hospital.

•        You’ve been diagnosed with a serious disease or physical condition that’s distracting and disruptive. Examples include heart disease, stroke, some cancers, and injuries or accidents that require lengthy hospitalization. A fall resulting in serious injuries can be an indicator of significant frailty and vulnerability.

•        You’ve been diagnosed with Alzheimer’s disease or related dementia.

•        You’ve been diagnosed with a serious mental illness or traumatic brain injury.

•         Your spouse or partner who manages your money passes away or is diagnosed with a condition such as dementia, making it hard for them to continue handling things.

•         New ‘friends’ appear and seem to have access to your home, computer, or finances.

•         Charges appear on your credit card for unusual purchases or new charitable causes – charges that you don’t remember.

•         Your doctor, lawyer, accountant, or financial advisor contacts you or your financial advocate to express concern.

Ways to simplify your finances

Many people prefer to keep their financial information on paper only. If you choose this option, you won’t need a computer, internet access or passwords, but your records may be less accessible. For example, if you are travelling, you won’t be able to view them online. There can also be difficulties if you forget the combination to a safe or lose your safe deposit box key.

Paper copies kept at home can also be lost to theft, fire, or water damage, so be sure to use a fireproof, water-resistant home safe.

Set aside a little time to review and update your information every three to six months, or whenever something changes.

Now that your financial details are all in one secure place, you may want to take some additional steps that will make it easy for your financial advocate to handle your money when the time comes. Here are some suggestions:

Use direct deposit for all income, such as paychecks, investment income, pensions, and Social Security payments. The money will be deposited automatically into the account you choose.

Set up automatic payment (“autopay”) for routine bills, such as your mortgage, utilities, credit cards, and subscription services. Payments will be deducted directly from the account you choose. You’ll need to set this up with the individual banks or service providers, such as your utilities company or the subscription service.

Close unnecessary accounts. Having too many credit cards or other types of accounts can make it difficult for your financial advocate to keep track of your money and they could miss payments or incidents of theft, fraud, or abuse.

Use a password manager. Using one saves all of your different passwords for every website or account so that you don’t have to write them down or remember them every time you need to log in. All you need to remember is the master password for the password manager.

Make sure the accounts you rely on during retirement are protected against fraud and abuse.