Have you noticed your aging parent’s unusual purchases or falling behind their bills? This may be a sign to help your aging parents manage their finances. Your loved ones may be averse to having someone engaged in their finances. However, with a gentle approach, you can progressively work with them and keep them included in any financial decision. These are some ways to help your aging parents manage finances.
Work with Them
If your loved ones are still capable of managing their finances, respect their choices and collaborate with them instead of completely taking over their finances. Gradually expand your support when it is required. If your elderly parents need help in writing checks, begin by doing it together so that they feel included and understand that you are there to help.
Locate Financial and Legal Documents
It’s crucial to know where all of your elderly parent’s important financial paperwork is so you can find them in case of an emergency. To do so, you can create a list of your loved one’s phone and account numbers, and where they keep important documents such as insurance policies and wills. Ensure that everything is valid and that all accounts are in good standing. Be sure to store sensitive information safely.
If they’re worried that you’ll utilize these documents, tell them that you’ll only use the information in an emergency.
After you’ve arranged everything, examine any income your parents may have, such as pension or savings, and, if possible, move those income streams to direct deposit. This ensures that your parent’s money gets into their accounts even if they are unable to make a deposit. You may consider setting up an online bill pay so that payments are made automatically each month.
Consider Power of Attorney
A power of attorney is a legal document that permits another individual to act on behalf of another person. Powers of attorney can cover financial, medical, or general decisions and can be structured to be temporary, restricted to specific circumstances. When you and your elderly parent sign a power of attorney, you gain the legal ability to make vital choices when they’re unable to.
Keep Your Loved Ones Informed
Your elderly parent should always be involved in their financial decision-making. If it isn’t possible, you should keep your family members, such as your siblings, up to date or involve them in the process. This will help to avert misunderstandings and conflict among the family. It’s also wise to track important discussions if there are any future disagreements. It may be time-consuming to manage your aging parent’s finances, but you don’t have to do it all by yourself.
Experience Senior Living at SummerHouse Heritage Woods
SummerHouse Heritage Woods is an affordable retirement community where you can enjoy many senior living amenities. As a resident, you will get to relish delightful chef-prepared meals, socialize with others, and participate in the many fun activities and events organized by our dedicated team members. To find out more about our senior living programs or options, feel free to contact us or schedule a tour with us today.