It’s an option that’s been around for over a year now, but it’s certainly worth mentioning that Social Security allows beneficiaries to submit an Advance Designation of Representative Payee.

The Advance Designation allows you to make choices now, while you’re fit and healthy, about who you would like to handle your financial affairs if at some point in the future it’s clear that you can no longer make sound financial decisions for yourself. You can select up to three candidates and can put them in order of preference as well.

While it may feel that you’re signing your life away, Social Security are at pains to insist that those selected would only be contacted if the agency is informed that there is a need for a representative payee. You can also make changes or decide to scrap the whole idea at any time (as long as you’re still considered to be sound enough to do such a thing).

The option is now available to anyone who’s applying for benefits and can be done as part of the application; any current beneficiary can also opt in and can submit their selections through the much touted My Social Security account. As always you can simply call the national number (800-772-1213) if you don’t have an account or don’t want to deal with things that way.

For more information you can go to Social Security’s own page here: