Your parents have managed their money since early adulthood. Over the years, they’ve made significant purchases and even run their own companies. You’re used to them being independent, and that’s what they are used to as well.
Unfortunately, age is something that catches up with us all. Eventually, it can have an impact on our judgment. There will come a time when your parents may need some help managing their money. How can you recognize when this time has arrived?
Are the bills piling up?
It’s not uncommon for someone who is struggling with money, or simply feels overwhelmed, to ignore bills and debts rather than attempt to ignore them. Did you notice unopened mail last time you visited? Does your elderly relative seem distracted when you bring it up?
Are they giving money away?
It’s natural for grandparents and parents to want to give the children money. However, this must always be done within a person’s means. Has your parent been trying to offload large sums of cash onto you and other family members? Children may just see this as generosity, as they haven’t quite grasped the value of money yet. But it could be a sign that your relative has lost their grasp on the value of money.
Help is available
Realizing that your parents are unable to be as independent as before and that you may need to step in can be daunting. However, it’s important to remember that you’re not alone. Seeking some legal guidance will probably help to identify the best option in your circumstances.