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Managing Your Money

Most of us will come to a stage in our lives when we're less comfortable managing our own finances.  Sometimes disability prevents us from physically paying our bills or confusion means we get into trouble with our finances.  When this happens, there are several ways you can have someone else safely manage your finances. 

When considering asking for help with finances, here are a few tips:

  • Rely on a trusted source or person - don't ask your child who has never been good with his own money to manage your accounts! 
  • Don't rush to give anyone complete access to your money - if you put someone else's name on your account, you both own 100% of the money in the account and either of you can use all of it.  Consider having a joint checking account with limited funds and a savings account that only you can access.
  • Don't sign over your home or other assets to anyone without talking with an attorney first.  Maine has many qualified elder law attorneys who can represent your best interest in any transaction. 

Click here to view more information from Legal Services for the Elders about keeping your money and assets safe.