While your parents may take care of themselves just fine financially, they could be close to an age where they have trouble managing their finances by themselves. Is it time for you to step in and offer a bit of assistance?
Kiplinger touched on the topic to help adult children and their aging parents. Understand how you can help your mom and dad maintain their independence without making financial mistakes.
Discuss your concerns
Maybe you have noticed unpaid bills that you know your parents have the financial means to cover. Or perhaps scammers often target your loved ones to leech them of money. Either way, sit down with your parents and raise your concerns. It may an awkward conversation, but overcoming discomfort can pave the way to peace of mind for everyone.
Become involved in your parents’ financial lives
There may come a time when you have to step in and take more control over your parents’ finances. That could mean familiarizing yourself with their assets and current financial obligations. Consider setting up automatic bill pay to streamline the payment process and prevent late fees.
Have the right documents in place
Do your mother and father have the right estate planning financial documents in place? For instance, they need a signed durable power of attorney document in place if they want you to take over their finances. Look into a revocable trust if you want to manage your parents’ assets. Legal professionals experienced with working with senior citizens can help you determine which forms and documents your situation calls for.
You may be instrumental in helping your mom and dad enjoy their golden years. Put your financial know-how to good use for yourself and your aging loved ones.