23 Oct Off
Our ability to deal with complex tasks diminishes as we get older. It’s important to start talking with your parents about managing money while they are still able to make solid financial decisions.
You could approach the topic by telling your parents that you have started discussing your financial and retirement plans with your own children or someone you trust. Ask your parent if they have prepared estate planning documents, started an asset protection plan for their hard earned money, and if they have updated beneficiaries on their life insurance policies and other accounts. You may also want to review their bank and credit card statements and set up automatic bill pay.
If your parents sign a Financial Durable Power of Attorney, which can give you broad powers or spell out specific actions you’re allowed to take, you will be in a better position to take charge if a parent becomes incapacitated.
Become acquainted with your parent’s financial professionals, including their accountant, attorney, and financial advisors.
If handling your parents’ finances becomes too much, consider hiring a daily money manager.
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