As your loved one’s get older, it can become increasingly difficult for them to manage their finances. It’s also difficult to try and convince someone that they need a little extra assistance. Here are three essential ways you can start helping your loved ones with their finances:
Keep Track of Important Documents.
It’s important that you know where any critical or financial documents are located in case there is any kind of emergency. This will also help you keep track of their documents if they are unable to do so themselves. Important documents typically include wills, car titles, social security payments, insurance policies, and more. You can also help your aging loved ones simplify their costs wherever they can. For example, you can check to see if there are any bills you can bundle to save money.
2. Watch Out For Scams.
Unfortunately, seniors are the primary target of financial fraud. You can monitor credit cards and bank accounts by signing up for notifications so that you are always alerted when any activity is going on. It’s also important to warn your aging loved ones about the different types of scams and know what to look out for. You can read our blog about scams here to learn more!
3. Power Of Attorney.
One thing you can discuss with your senior loved one is if they are willing to grant you power of attorney. When you ask for power of attorney you will be responsible for making medical and financial decisions for your loved ones if they are unable to or need assistance.
4. Hire a Care Manager.
We understand that there are more responsibilities when you’re helping your aging loved ones. Hiring a care manager can give you peace of mind knowing your loved ones will be taken care of. At Preferred Living Solutions, our team of care managers is ready to help alleviate your stress and help you make a plan!
Ready to make a plan in place for your aging loved one? If you are looking for a care manager that you can trust, contact Preferred Living Solutions at 919-554-0675 and let us help you make a plan and ease the way!