Money can be a complex topic to bring up with older loved ones who have been managing their financial affairs for a long time. However, over time, our older loved ones might need help keeping up with their finances, paying bills, and ensuring money is where it should be. At Home Care Assistance, we know how touchy this subject can be, so we have put together this blog about how to approach helping your older loved ones with their finances.
Bringing up the Topic
Avoid bringing up this topic during an argument. Start with a time when everyone is relaxed and happy. Remember that your older loved ones are adults, and treat them as such. This means being supportive rather than taking over. Taking a gentle approach also allows you to bring the topic up earlier, so if they have a significant health event, you already know what is happening. It also helps you spot future potential issues before they develop. Bringing it up early is also essential if your loved one has a health condition that may affect their cognitive abilities. One approach is to bring up the topic of finances as part of a bigger discussion to understand their wishes about health care and other general decisions that may need to be made once they can no longer do so.
Financial Topics to Discuss
Become Familiar with Their Finances
First, you need to find out what money and debts they have. Where are their accounts (including superannuation)? Do they have any debts? Who are their insurance and utilities with? Do they have any income sources? By understanding their situation, you are better able to help support them, particularly if they have an unexpected health event and you need to step in quickly.
Estate Planning
Ensure that you know their wishes for their estate when they pass away. It is a good idea to make sure they have an up-to-date will and that you know where it is. This way, you can ensure their wishes are upheld.
Documents
Make sure you know where they keep their documents. This includes wills, insurance, bills, and bank account records. You need to know where the documents are to resolve a crisis if needed.
Care Plans
Along with helping financially, it is essential to understand your loved one’s wishes for care arrangements should they need them. Would they prefer to go into a facility or be cared for at home? Understanding their wishes in this area not only helps you uphold them but also means you can help them plan for this financially.
Money is often a challenging topic to discuss and must be done carefully and from a place of support. As hard as it might be to discuss these things, it makes it easier to ensure your loved one is cared for appropriately and that they don’t get into financial trouble. Take the time to have these conversations while your loved one can make their wishes known and give you all the information you need to support them.
Power of Attorney
Having a power of attorney in place is helpful in case something happens. It needs to be implemented while your loved one has the cognitive ability to do so. While we are mainly referring to a financial power of attorney here, it is a good idea to put their medical power of attorney in place simultaneously.
Support at home from a specialist provider, such as Home Care Assistance[SM1] , can bring enormous benefit and comfort to your quality of life while living independently at home. Home Care Assistance has viable solutions when it comes to supporting independent living. For more information, get in touch with a Home Care Assistance near me today.
[SM1]Note wording. This style is preferred over using the word agency.
