As the parents become of age, their power of reason comes down. They become dependent upon their children or any other person close to them for their health conditions and financial matters. Many of these oldies may have accumulated some wealth and have properties in San Diego that need immense support.
How to know it’s time to step in
The mind of your parents declines as it dawns every day. The right time may not reach to discuss with them their financial status, but it is crucial. From the inside, you may judge that by talking to them, they may think that you are, encroaching their privacy or any other thing, which in their mind may not be false. If you closely relate with your parents, you should study various financial aspects surrounding them and help them from financial abuses, identity theft, credit damage, and property loss.
When you close-examine their phone calls, spending, mails, and cash, there are some things that you will notice and come to their rescue. Some of them are:
- Call for more donations from organizations,
- Creditors sending messages and balance transfer promotions
- People calling for favors and loans
- Ignoring or failing to pay utilities
- Having bounced cheques
- Lack of knowledge of the cash they have and where they leave it
- Making unnecessary and out of box purchases
If you notice the above changes, then urgently discuss their financial matters with them.
How do you begin the discussion?
It is not easy to spark a conversation between you and your parents about helping them with their finances. It needs good composure and tactical moves to achieve it. If it becomes difficult: you may request one of their close and elderly relatives to talk with them; before you chip in. One of the best ways to begin the discussion is when filing returns. Offer to assist them and ask more questions on how they manage their finances. Request to also assist in financial management, but insist that it is because of their goodness and you are not becoming nosy.
What are the lawful ways to manage the finances?
Some may opt to go the unofficial way, not knowing that having a legal procedure and power over the finances is so critical and helpful. These are the legal documents that can assist you;
1. Durable Power of Attorney for Property and Finances
This document gives you the power to manage the finances, investments when your parents become incapacitated. It will help you to access funds for paying bills and caring for your parents. To have it, let the parents visit the Elder Law Attorney to help them prepare it.
2. Durable Power of Attorney for Health Care
This document will allow you to make decisions that relate to the health and medical care of parents. When in a coma or dementia. Also, to get it, the parents should go to the Elder Law Attorney.
3. Living Will
This document is also related to health decisions when a parent is incapacitated. They instruct how they wish to handle their healthy life. Comes in handy, especially when there is progressive impairment. The Elder Law Attorney also prepares it.
After they grant permission
You will start to organize their finances by doing and documenting the following things:
- Get all their personal information
- Write all the accounts (Financial and Investment) and their statements
- Have a payment schedule for paying bills and pay them
- List everything in their safe box including, the legal documents
- Determine if you need professional assistance
- Decide to become their guardian.
Strive to protect what your parents earned and take care of them.
Let Downsizing San Diego help you protect your parents’ finances
Downsizing San Diego is at your service if you want to learn all about managing the finances of your parents and how you can improve their quality of life with effortless downsizing services in San Diego. Our vastly experienced team will be more than happy to provide you with all the information you may need to take care of your parents and make their lives as comfortable as they can be. Contact us today.