When it comes to money, older generations have the tendency to be tight-lipped about this subject. But as they grow older, the children will usually find themselves in the position of handling their parent’s finances as they provide care.
Sure the reasons may vary from the loss of cognitive ability to degenerative conditions like dementia and Alzheimer’s, but no matter the cause you have to be informed of their current financial situation first before you can provide the proper money management that they need.
So if ever you find yourself in this situation and is either tasked to take charge or planning to hire a financial advisor to take care of your parent’s money, then we invite you to continue reading as we are going to share some of the things that you need to look for do when providing financial care to seniors in this post.
What Are The Things You Need To Consider?
If your elder parent is somewhat reluctant to talk about their financial status or is already unable to share this matter due to illness, then we recommend that you try and look for bills and statements from the bank and credit card companies. You can also set up a meeting with a lawyer or the bank manager to at least give you an idea of your parent’s current financial standing.
Also, here are some of the things you need to consider so you can provide the kind of financial management assistance that they need:
What Is Your Parents Source Of Monthly Income? And Will It Be Enough To Cover Their Monthly Bills?
Providing financial care to seniors should always start from this so you’ll be able to know if your parents are having debts or are living well beyond their means.
Where Their Important Documents Are Usually Kept?
Make sure to secure all the documents that you need first before you manage your parent’s finances or have a management company to take care of it for them. The documents you need are the following:
- Legal documents
- Financial account information
- Insurance policies
- Bank documents
Do Your Parents Have A Will Or An Estate Plan?
If they have these documents, ask your parents about it so you can see it for yourself. More often than not, wills that are drafted 20 to 30 years before may include beneficiaries who are already deceased or assets that no longer exist. So be sure to check this document as well as you provide financial care for them.
Do They Have Cash, Jewelries, And Any Other Valuable Items In Their House?
You also have to know about these things just to make sure their valuables are well taken care of and to prevent any untoward loss just because their treasures are not well accounted for.
Overall, these are the things that you need to look for before providing financial care to seniors. Once these things are considered, you can now plan out on the kind of financial management that you think will best benefit your elder parents.
If you’re in need of professional help, you can subscribe to SilverBills’ bill management service for seniors and let them take care of the rest.