No matter the age or who you talk with, finances are always a sensitive subject. But this is a subject that needs to be talked about when it comes to aging parents. Forgetting to pay bills, making unwise purchases, or even getting confused when it comes to their bank account.
To reduce defensiveness there are 5 tips that can help with the discussion of finances with your aging parent.
- Work with them and respect their decision – if you feel they are capable of making good financial decisions, allow them. They’ll be more open to hearing your suggestions or advice if you are open to them having control on what they spend.
- Locate important documents – its very important to know where important financial documents are in case of an emergency. It will come in handy when talking about assets. Important documents are:
- Bank and brokerage statements
- Insurance policies
- Pension records
- Home mortgage or reverse mortgage
- Car title
- Social Security payments
- Safe deposit boxes
- Get access to financial accounts – if you feel you need to help your aging parent and take over their bank account, be sure to file the correct paperwork in a timely manner.
- Keep family informed – older adults should be involved with their financial decisions as long as they can. But if you need to take full responsibility, be sure to share this information with your family. So everyone is aware of what’s going on and doesn’t feel you are taking advantage of the situation.
- Prepare for the future – if they do not have a will or estate plan, be sure to get one done as soon as possible. These legal documents are very important to have prior to the adult passing.
Information provided by DailyCaring.com