April 25, 2023

270 - Protecting A Loved Ones Assets

58 minutes

Protecting an older adult's finances and other assets can be a complex and challenging task, but there are several steps you can take to safeguard them. Here are some suggestions:

Establish a durable power of attorney: This legal document allows the older adult to appoint someone they trust to manage their finances and other assets if they become unable to do so themselves.

Set up automatic bill payment: Consider setting up automatic bill payment for the older adult's regular bills, such as utilities, mortgage, and insurance premiums. Utilizing automatic bill paying can help prevent missed payments and late fees.

Keep essential documents secure: Store important documents such as bank statements, tax returns, and insurance policies in a secure location, such as a locked file cabinet or safe.

Monitor financial accounts: Monitor the older adult's financial statements, such as bank accounts and credit cards, for any unusual activity. Consider setting up alerts for transactions over a certain amount or any account changes.

Be cautious of scams: Educate the older adult about common scams that target older adults, such as phishing emails, fake charities, and investment scams. Please encourage them to be cautious when giving out personal information or money.

Consider hiring a financial advisor: A financial advisor can help manage the older adult's investments and provide advice on financial planning.

Consider a trust: Establish a trust to protect assets from being mismanaged or taken advantage of by unscrupulous individuals.

Remember, it's crucial to involve the older adult in decisions about their finances and other assets as much as possible. Respect their autonomy and independence while still taking steps to protect them from financial exploitation or abuse.

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By Jennifer Fink

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