Financial Considerations for Senior Missionaries

When my parents left to serve missions in Puerto Rico and Chile, they needed and wanted someone at home who could help manage their affairs as needed. They completed a Power of Attorney document and named me as their agent, which gave me legal authority to act on their behalf. Here are some lessons we learned that you and your family might find helpful:

• How much does it cost?
• I plan to address this in a separate post
• Consult with your tax advisor regarding the tax consequences of your mission costs and when you pay them
• Who will live in and/or take care of your home?
• Who will use and/or take care of your car? How will you deal with car insurance?
• What preferences/instructions do you have for maintaining these assets? Who should be contacted for repairs?
• Who will open your mail, pay bills, pay tithing, file your tax return, and administer your assets?
• Will this person also be living in your home? If not, how will this person receive 
• Consider setting up mail forwarding with the postal service
• What records would you like your agent to keep (i.e. important mail received, issues with assets)?
• Are your bills as automatic as possible? What payments were you unable to automate: due dates, amounts, etc? Make note of annual expenses like car registration, property taxes, etc.
• Which accounts will you use to pay for living expenses during your mission? What cards are accepted?
• Consider acquiring some cash in a foreign currency if applicable before you leave
• How much cash will you need to maintain in your checking account?
• To what extent would you like your agent to manage your savings/investments?
• How will your agent make payments for you – checkbook, credit/debit cards? Will your agent have enough checks? Does your agent have the PIN for your debit card(s)? Does your agent know how to sign for you?
• How much contact will you be willing/able to have with your agent while you are gone? Will you want to be contacted for certain types of transactions?
• Do you want your agent to be given power to give your assets to him/herself? Special wording may be required in your legal documents to make this possible or not possible. Does your agent understand the limits if any to his/her power? Does your agent know where to find important docs?
• Do you have the necessary estate planning records and documents in place?