Have you noticed that your elderly loved one is having “memory” problems? If yes, what should you do, especially when it comes to financial matters? First and foremost, preparation is key.
A recent article in Forbes considered this question and others. The article, titled “Is Your Aging Loved One "Losing It"? Five Strategies to Help You Prepare For Managing the Money,” also provides some practical pointers, including:
- Learn about the assets and financial responsibilities you and your loved one have.
- Take time to get to know your loved one’s financial advisor, accountant, broker and banker.
- Do not accept financial illiteracy.
- Accept the potential responsibility you may have one day as a way of protecting yourself against fraud and financial abuse.
- Check your legal documents and be sure that you have in place the documents necessary to take over financial management if that time comes.
Each of these points is important. However, I will add my own to the mix: DON'T IGNORE THE ISSUE.
While it can be hard admitting that a loved one is "slipping" or “losing it” cognitively, matters will be made much worse if their financial matters crash and burn. If you already are at that point, then it may be wise to have a family meeting to coordinate your reactions - and more appropriately, your plan of action - together.
Even closer to home, take a good look in the mirror. Do you have your own estate planning in place so your loved ones could take care of your financial matters? If not, don’t delay, take responsibility, and consult with counsel to ensure your plans are in place -- just in case.
For more information or to discuss your specific estate planning questions, contact us a Peak Legal Group.
Reference: Forbes (February 14, 013) “Is Your Aging Loved One "Losing It"? Five Strategies to Help You Prepare For Managing the Money”