Q. My wife and I are 67 years old. We have sufficient assets to live comfortably through any likely events. We own our home. We have no debt. We have wills, powers of attorney, and medical directives. I have always handled our bill paying and financial affairs. I have tried showing my wife how to do it, but she is not interested and has no aptitude for it. Reconciling a monthly bank statement baffles her. We have no children or close relatives. We are in good health now, but what happens if I get dementia or die? My wife would need help writing checks, making income tax deposits, and handling banking. Are there people who provide this kind of service for a fee? Read more
The first part of Scott Burns' answer focuses on simplifying financial life and suggests additional steps one can take to streamline the responsibilities.
However, the larger issue is that lack of even basic financial experience can leave an individual vulnerable to predators with their own agenda.