My sister’s finances are a wreck! What’s involved in becoming a representative payee for her & her spouse?
March 6th, 2009 | by admin |
Colette H asked:
If we get her husband on board, and he really needs to be on board, my family would like me to take over their family finances. This would require their paychecks to be deposited in a checking account that would require TWO signatures for them to write checks, or JUST my signature alone. (I don’t know if banks can set up accounts that way.)
I would then take over paying off their debts and allocating funds to them or household expenses. They are not mentally unfit, technically.
QUESTION: Anybody know of a contract I could get off the internet to help set that up? Any advice on the situation?
When my brother-in-law goes off his meds, he likes to take out loans against his direct deposit checks and is untrustworthy. He will get a line of credit somewhere in his small town and run it sky-high.
The document I have them sign will be more for piece of mind and to make him believe it is a business-type situation and not just big-sis stepping in to help out.
Caffeinated Content for WordPress
If we get her husband on board, and he really needs to be on board, my family would like me to take over their family finances. This would require their paychecks to be deposited in a checking account that would require TWO signatures for them to write checks, or JUST my signature alone. (I don’t know if banks can set up accounts that way.)
I would then take over paying off their debts and allocating funds to them or household expenses. They are not mentally unfit, technically.
QUESTION: Anybody know of a contract I could get off the internet to help set that up? Any advice on the situation?
When my brother-in-law goes off his meds, he likes to take out loans against his direct deposit checks and is untrustworthy. He will get a line of credit somewhere in his small town and run it sky-high.
The document I have them sign will be more for piece of mind and to make him believe it is a business-type situation and not just big-sis stepping in to help out.
Caffeinated Content for WordPress
One Response to “My sister’s finances are a wreck! What’s involved in becoming a representative payee for her & her spouse?”
By MadMan on Mar 8, 2009 | Reply
If they agree to it, why do you need an agreement? what you need to do is to have them sign the checks after you calculate what they ned to pay each week. Otherwise, I would recommend getting a lawyer to draw up an agreement. This is a bit like a trust situation in which an administrator pays all the bills and gives the owner pocket money.