Your elderly relatives took care of you in numerous ways when you were younger. They watched you after school, helped with homework, instilled a work ethic into you and much more. You’re eternally grateful for this and would do anything to return the favor.
Well, chances are that you will be given an opportunity to return the favor as they get older. Elderly people might find it tricky to manage their finances at a certain point in time. It’s important to recognize the following signs that your relative may have fallen into debt or may be having trouble managing their financial affairs:
Declined payments
You take your elderly relative to the grocery store every week. Not only is this helpful, but it also gives you a chance to spend quality time together. You go for a coffee after shopping, and your elderly relative’s card is declined. They try again but still no luck. They should have access to money, so why are they having trouble paying the bill?
Not understanding their own financial state is a clear signal that something is wrong.
Unopened mail
Even younger individuals may struggle to know what to do with all their mail. For an older person, it can soon become overwhelming.
Is there a stack of unopened mail on the sideboard when you come to visit? Do you recognize the seals on the envelope as debt collection services? The more these notices are ignored, the further your loved one could fall behind. Stacks of unpaid bills (big or small) are a sign that your senior loved one is having trouble with their finances.
There are many ways that elderly individuals can receive help managing their finances. One option is to add ask for conservatorship over their affairs. Seeking legal guidance on the matter will give you a better idea of what to do.
