EFFECTIVE WAYS TO PROTECT ELDERLY PARENTS' FINANCES As your parents age, it can be more difficult for them to manage their own finances. They may start to find the daily and monthly tasks of financial monitoring more burdensome. Make it easier for your parents to enjoy their new lifestyle as senior citizens by helping them protect their money. Here are some of the most effective ways to do this: Talk to them as early as possible. A healthy family should be able to talk about money openly. Approach your parents as soon as they retire and ask them about how they propose to manage their financial accounts. If they have a plan, take a look at it. You may also want to reevaluate their financial team to make sure that their finances are going to be handled well. Include them in meetings with financial institutions and organizations. If possible, you should bring your elderly parents into meetings and conversations regarding the management of their finances. Whether you are talking about their insurance or retirement benefits, your parents should be well-informed about what is happening with their funds. If they know exactly where their money is going and how it is invested, then they can have a peace of mind regarding their everyday expenses. Check if there are existing trusts and wills. Ask your parents if they have existing wills and trusts. A will indicates that people will manage the distribution of the assets, and a trust details how other funds will be spread out and divided according to the details of the document. You should have an overview of what you are dealing with. Obtain daily money manager services You can depend on daily money managers who specialize in administering financial monitoring for seniors. These service providers can organize all financial affairs, develop a plan for maximum efficiency, and make sure that bills are paid on time.
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