If one or both of your parents are struggling to make financial decisions, it may be time to consider whether you should step in for support. The aging process, along with certain medical conditions such as dementia or Alzheimer’s, can begin to accelerate a parent’s decline and make it incredibly difficult for them to manage their finances independently. How do you recognise the signs alongside shouldering the tough responsibilities that come with caring for your parents?
Let’s look at some of the early warning signs that could signal it is time for you to step in and help with your parent’s finances:
1. Losing track of cash and cards
Your parents can’t seem to keep on top of their cash or are continually misplacing their wallet or bank cards.
2. Financial confusion
Your parents can’t explain where their money has gone, or they are receiving phone calls from their bank or a credit provider that they can’t explain or understand. Money problems can be one of the first noticeable signs of Alzheimer’s and dementia.
3. Unusual financial decisions
Perhaps your parents have always been super-savvy with their money, but suddenly they are busy gambling, playing sweepstakes, donating to charities, or sending it to potential scam artists. Perhaps your savings-conscious mother is complaining that she has no money and can’t be sure where it has gone or there is an unopened pile of letters from the bank on your father’s doorstep. If this is happening, it could be a sign that it is time to look into a Power Of Attorney Online.
The earlier you recognise these signs, the sooner you can step in to help your parents. If you believe they need help to manage their finances and are simply not coping, you could start with a gentle conversation to share how you can support them. Today, applying for power of attorney online is much simpler than in days gone by, so it does not have to be a complex process to get your parent’s finances back on track.