Is your elderly relative struggling with money management?

On Behalf of | Jun 12, 2024 | Elder Law |

The majority of us spend most of our adult lives with a good range of mobility and cognitive function. Nonetheless, the reality is that as we get older, these things begin to decline. Those in their advanced years may notice a rather steep decline, which can make managing money difficult. 

Your elderly relatives most likely played a key role in looking after you, and there comes a point when it is time to return the favor. How can you tell if an elderly relative is struggling to manage their finances

Ignoring mail 

One sign that your elderly relative is struggling with money is if there are bills piled high when you visit. Sometimes, those in debt ignore letters in the hope that creditors stop calling. In the case of elderly individuals, they may simply be struggling to juggle more than one task at a time. 

The earlier you catch this, the easier it will be to find legal tools that can help your elderly relative stay on top of money and make the right decisions. For example, a financial power of attorney can be appointed to make financial decisions on your relative’s behalf. 

Taking on loans 

While you may not know every detail about your relative’s finances, you know that they have always been financially stable. If you discover that they are taking on loans, then this could be a sign that they are struggling to manage their money. Unfortunately, some loan providers can be predatory. They target elderly individuals and offer them deals that sound too good to be true. Sadly, this is because they often are too good to be true, and the small print can leave your loved one in financial trouble. 

Elderly individuals deserve to be treated with dignity and respect. If you have concerns about an elderly relative, one of the first things you should do is seek legal guidance.