Ways to Manage Your Elderly Loved One’s Finances

By Home Care Assistance, 9:00 am on

One of the most challenging aspects of being a responsible family caregiver in Denton is taking care of your senior loved one’s finances. The following tips on financial planning and management can help family members handle this important task more efficiently. 

Update the Will

Check your loved one’s will to see if it needs to be updated. If you do need to make changes to it, hire a lawyer who specializes in senior legal issues such as wills. While checking the will, take time to go over any trusts that your loved one has set up to make sure these contain updated information. The same steps apply if your loved one has also drafted a living will. Keep in mind that your loved one should be involved in making these changes even if he or she has dementia and requires Denton Alzheimer’s care, though it’s best to handle this before the disease progresses.

Reduce Unnecessary Expenses

These kinds of expenses can add up quickly and make up a considerable portion of your senior loved one’s budget. Cancel subscriptions to any magazines and newspapers that your loved one doesn’t read. Go over any memberships or organizations your loved one belongs to and cancel any accounts that aren’t being used. This can help save a significant amount of money that can be used instead for his or her personal needs such as food or medication. 

Go Over Investments

Set aside time to look over your loved one’s investments. Ideally, the majority of investments should be in bonds rather than stocks. Stock investments can lead to losses that will be difficult for your loved one to recover from. Consider hiring a reliable and experienced financial advisor go over these accounts with you and your loved one if you aren’t sure how to handle your loved one’s personal investments. 

Make Sure Bills Are Paid

Seniors with dementia who need at-home care in Denton might need help keeping track of bills and paying them on time. Organize your loved one’s bills and make sure that they’re paid by the due date. To ensure that you’re legally able to handle your loved one’s finances, make sure that he or she appoints you to be his or her power of attorney. This can be discussed with the lawyer who drafts your loved one’s will.

In addition to finances, seniors often benefit from a helping hand around the house. Home Care Assistance of Denton is the leading provider of live-in and hourly care that promotes physical, emotional and mental wellbeing in the comfort of your loved one’s home. Contact an experienced Care Manager at 972-468-6010 today to learn more about our reliable services and set up a no-obligation consultation.