One of the most important things a caregiver or family member can do for their elderly loved one is to talk with them about the management of their finances. Managing finances can be confusing. By making sure their wishes are clear, you can avoid confusion and conflicts down the road with your loved one, with other family members, or even with the law. There are some laws that you, as a caregiver, must know before you broach the subject of financial organization, as well as tips that are important to follow when you do need to manage your loved one’s finances.
There are 10 important things you should already know or ask your loved one about their finances:
These may be difficult questions to ask an elderly loved one, especially if they are accustomed to living independently and dealing with their own finances. Before they lose their health or sound mind, you must discuss their wishes so that their finances are protected. By asking these questions, you will be on your way to organizing and managing your loved one’s finances successfully.