Taking care of someone else’s finances is a big responsibility. Whether you’re stepping in to help a parent, a spouse, or another loved one, financial caregiving requires careful planning, organization, and trust. From paying bills to managing investments, making sure their financial well-being is secure is just as important as taking care of their physical health.

At American State Bank, we know how important family is — especially in a tight-knit Iowa community like ours. If you’re new to financial caregiving or need a refresher, here are some key things to keep in mind as you take on this role.

Understand Their Financial Picture

Before making any financial decisions on behalf of a loved one, take time to understand their full financial situation. This includes:

  • Monthly expenses – mortgage or rent, utilities, insurance, medical bills, and everyday spending
  • Sources of income – Social Security, pensions, retirement savings, or other investments
  • Outstanding debts – credit cards, loans, or medical expenses
  • Banking and investment accounts – where their money is held and how it’s being managed

If they have multiple accounts, consolidating them into one or two at a trusted financial institution like American State Bank can help simplify the process.

Obtain the Right Legal Permissions

Handling someone else’s money isn’t as simple as just writing checks or making withdrawals. To manage their accounts legally, you may need:

  • Power of Attorney (POA) – A document that allows you to make financial decisions on their behalf. This is one of the most important tools a financial caregiver can have.
  • Access to online banking – Many banks, including American State Bank, allow caregivers to help with account management through secure digital banking tools.
  • Beneficiary designations – Reviewing life insurance policies, retirement accounts, and estate plans ensures everything is in order.

If you’re unsure where to start, working with an attorney to set up these legal protections is a smart step.

Keep Finances Organized and Transparent

Once you have the necessary permissions, it’s important to track every financial transaction you make on behalf of your loved one. Keep a record of:

  • Bills paid and when they were paid
  • Deposits and withdrawals
  • Any large financial decisions, like selling property or adjusting investments

This not only helps keep finances in order but also prevents misunderstandings between family members. American State Bank’s online and mobile banking tools make it easy to monitor transactions and keep everything organized in one place.

Watch for Fraud and Financial Abuse

Older adults are often targets of financial scams. As a caregiver, stay alert for:

  • Unusual transactions – Unexpected withdrawals or charges they don’t recognize
  • Fake phone calls or emails – Scammers posing as banks, government agencies, or even family members
  • Pressure from others – If someone is trying to get them to sign documents or transfer money unexpectedly

If you suspect fraudulent activity, report it immediately. American State Bank takes fraud prevention seriously and offers tools to help protect your loved one’s accounts.

Use Trusted Local Resources

You don’t have to handle financial caregiving alone. American State Bank is here to help with secure banking options, fraud prevention tools, and local financial expertise you can count on. We’ve been serving Iowa families for generations, and we’re always happy to provide guidance to make financial caregiving easier.

If you’re managing a loved one’s finances and need a trusted banking partner, visit American State Bank or stop by one of our branches. We’re here to help you navigate this important responsibility with confidence.