Money is a sensitive topic for many in their mature years, which makes the process of offering help in managing your loved one’s finances an uphill task. Your aging loved one may show resistance to involving you in their monetary matters, even when they engage in unwise financial decisions such as reckless spending. However, it’s not impossible to manage finance for your loved one, as long as you reduce their resistance.
Avoid Being Overly Controlling
If your aging loved one is still relatively able to handle their finances, you should maintain a respectful attitude towards their financial decisions. Rather than take over their finances entirely, your loved one will be much more receptive to you offering additional help instead. They won’t feel a loss of ownership towards their financial independence, and you will feel more involved in your loved one’s finances at the same time. On the other hand, if your loved one develops a condition like Alzheimer’s disease that leads to financial consequences for them, it may be time for you to take the reins.
Secure Crucial Documents
As your loved one continues to mature, they become more likely to become incapacitated due to accidents such as a fall injury. Hence, you can do your loved one a significant favor by locating and gathering your loved one’s important financial documents, including:
- Bank statements
- Insurance policies
- Pension records
- Social security payments
Reassure your loved one that by holding onto these documents, you can protect your loved one’s assets during cases of emergency, and only during such cases.
Involve Family Members
Your loved one shouldn’t be kept in the dark about their financial matters, even if they become unable to handle their own financial decisions. In the case of you taking full responsibility for your aging loved one’s finances, you should endeavor to include your other family members in the process, sharing and discussing information about your loved one’s finances during family meetings and similar opportunities. Regular communication ensures that everybody in your family is updated on the situation and that no unnecessary conflicts occur.
Look Ahead
As a loved one, one of the most considerate actions you can take in view of your loved one’s aging is to arrange essential documents that will come in handy during emergency scenarios for them. Key legal documents such as the following are necessary for not just your loved one to express their wishes in terms of asset distribution, but also for you and your other family members to understand how to take action during an emergency such as a health crisis:
- Will
- Living will
- Estate plan
- Power of attorney
If your loved one requires assistance with financial decisions, they may require assistance in other aspects of daily living. If so, as a loved one, consider introducing your loved one to a more enabled, fulfilling retirement life with our support at Morada Cy-Fair. To learn more about how our senior living community empowers both you and your loved one, explore the senior living options we offer.
