LIVE at HOME. Your Goal. Our Priority!

888-895-PACE (7223)*

*not for medical emergencies or to discuss participant details

LIVE at HOME. Your Goal. Our Priority!

888-895-PACE (7223)*

*not for medical emergencies or to discuss participant details

Money and Document Management

Money and document management are critical activities. However, they can be difficult for seniors who struggle with memory problems.

How to Stay Organized

Staying organized and asking others for assistance are keys to money and document management. To start with, individuals need to keep important documents in either a safety deposit box or fireproof box at home. Another alternative is to ask an attorney, friend or relative to keep them safe. Additionally, copies of these documents can be made and kept in different locations for additional peace of mind. Different documents can be kept in different places depending on the level of access needed for these documents.

Documents That Require Less Access

Documents that don’t require regular access are better for a safety deposit box. Here are some of those documents:

  • Abstracts
  • Appraisals
  • Bills of sales
  • Birth certificates
  • Certificates of deposit
  • Copy of master list
  • Deeds
  • Individual retirement account
  • Legal agreements
  • Death certificates
  • Marriage certificates
  • Degrees
  • Military discharge papers
  • Naturalization papers
  • Personal property inventory or pictures
  • Bonds, securities or stock certificates
  • Title policies

Documents That Require More Access

For documents that may require quicker access, use a fireproof box at home. These may include:

  • Awards
  • Copy of master list
  • Financial records
  • Recent income tax returns
  • Insurance policies
  • Living will
  • Power of attorney
  • Property tax receipts
  • Warranties
  • Wills and codicils
  • Burial instructions
  • Trusts

Why Assistance Is Needed

There are several different reasons a person may need assistance with financial management tasks. These reasons include:

  • They have a lack of knowledge and practice managing money.
  • They have a physical illness or frailty that prevents them from banking.
  • They have sensory losses or impairments.
  • They suffer from confusion, problems with memory, or dementia.
  • They have a mental illness.
  • They have safety issues, like fear of going to a bank.
  • They have a very low income or very large debt.
  • They have been a victim or are a potential victim of financial abuse or exploitation.

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