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Ways to Manage Your Elderly Loved One’s Finances

One of the most challenging aspects of being a live-in caregiver in Columbus is taking care of your senior loved one’s financial affairs. The following tips on financial management can help you handle this important task efficiently and with minimal hurdles. 

Update Wills

The first step is to 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 and trusts. While checking the will, take time to go over any trusts that your loved one has set up to make sure these also contain updated information. If your loved one has a living will, go over the details and make changes as needed. Keep in mind that your loved one should be involved in making on these changes provided that he or she doesn’t require Columbus Alzheimer’s home care. If so, he or she will need to designate a power of attorney that can make these decisions on his or her behalf.

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 magazines and newspapers that your loved one doesn’t read. Go over any memberships your loved one belongs to, and cancel any that aren’t being used frequently or at all. This can help save a significant amount of money on monthly expenses, which can instead go toward retirement or medical expenses. 

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 seasoned financial advisor go over these accounts with you and your loved one if you aren’t sure how to handle your loved one’s investments by yourself. 

Make Sure Bills Are Paid

Seniors with dementia or memory problems 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. A good way to keep track of your loved one’s payments is by writing them down in a day planner, setting up auto-debit payments online, and balancing your loved one’s checkbook regularly. This will help you keep your loved one’s payments organized and allow you to monitor how much money is leaving his or her bank account each month.

To learn more about ways you can help your loved one transition through the golden years, turn to Home Care Assistance in Columbus, OH. Our mission is to change the way seniors age at home by promoting physical, mental, and emotional wellbeing with help from compatible live-in and hourly caregivers. Call (614) 481-8888 today to learn how our comprehensive services can benefit your loved one.