The roles are reversed, and it’s your time to help out your aging parent’s finances. Your aging parents’ cognitive state might be slowing down, and you may notice they are starting to forget to start paying the bills or getting more easily frustrated and confused by the complex numbers in front of them. For your loved ones suffering from dementia or Alzheimer’s disease, your help is all the more needed to prevent them from making unwise financial decisions. Finances are always a sensitive topic to bring up, as it is with many families! Here are some ways to help your aging parents with their finances, and ease them into it such that the change will be less drastic and overwhelming for them to process.
Start The Conversation Early
For such a crucial matter as finances, it is vital to start this conversation with your parents. The change can be gradual for them to ease into the idea of it. For instance, you can start by managing their bills before progressing to more confidential financial payments. Assure them that you are in no way trying to take over their finances and control, but merely to provide support where you can to make their lives a little easier. Whatever you do, it is imperative that you respect their decisions. Talk to them and find out which aspects of their personal finance they are comfortable with you managing. And for every decision you make with their finances, inform them to show that you respect their opinions and interests.
Keep Track Of Important Documents
It is crucial to know where your parents’ important documents are in the event of an emergency or when they are physically and mentally unable to do so. Make a list of your parents’ important information such as their personal information and account numbers. Keep track of where they store important legal and financial documents such as their wills, insurance policies, wills, or home mortgage. Check that they are in a secure location and that everything is updated and valid. It would be good to reassure your parents that these documents will not be used in any situations other than emergencies, to reduce any paranoia they might have.
Consider A Power Of Attorney
What is a power of attorney? A power of attorney (POA) allows a person to make decisions on another person’s behalf regarding their finances, property, or medical care. There are different types of power of attorney, covering different ranges of decisions such as general, financial, or medical decisions in different situations. A power of attorney would allow you to access your loved ones’ financial accounts which gives you the ability to make financial decisions for them.
Protect Your Parents With The Summit
Cognitive decline is incredibly common among your aging parents, and giving them the appropriate care may be more challenging than meets the eye. At The Summit, we offer a range of living options for your loved ones. One example is our Assisted Living option, where our care is tailored to your loved ones who require memory care. Our team members are available round-the-clock to provide your loved ones with the highest levels of comfort. Our fun and engaging activities through our Celebrations Activities & Events will also keep your loved ones mentally and physically stimulated.