As your elderly relative ages, managing their finances can become increasingly difficult. It’s important to be able to recognize the signs that they may be struggling. This can help ensure they get the support they need while also protecting their financial well-being.
Below are some key points to consider.
Unpaid bills
One of the first signs that someone may be struggling with financial management is missing payments on bills. If your relative has always paid their bills on time but suddenly begins to miss due dates, this could be a sign of difficulty managing finances. They may also become confused about the amounts due or the accounts they need to pay.
Unusual financial decisions
Another red flag is a sudden change in spending habits. This could include purchasing unnecessary items or making large, impulsive purchases. Elderly individuals may also fall victim to scams or fraudulent offers, especially if they are less aware of online security risks.
Difficulty organizing financial documents
If your relative struggles to keep track of financial documents, such as bank statements or insurance policies, it may indicate that they are having trouble managing their finances. Piles of unopened mail or misplaced documents could point to cognitive or organizational struggles.
What can you do?
In Florida, there are legal protections available to help ensure elderly individuals’ finances are managed responsibly. Guardianship may be established when a court determines that an elderly person is unable to manage their financial affairs. A power of attorney is another option that allows a trusted individual to make financial decisions on their behalf if needed. Additionally, Florida’s adult protective services can assist if there is a concern of financial abuse or neglect.
Recognizing these signs early can help protect your relative’s financial well-being and ensure they get the support they need. You may also want to seek legal guidance.
