Managing your parent’s financial affairs: eight measures to help you through the process

1. Start the dialogue as soon as possible. If feasible, make incremental modifications. Make a list of all of your financial and legal papers.
2. Bills should be simplified, and financial duties should be taken care of.
3. Take, for example, a power of attorney.
4. Ensure that you communicate and document your movements.
5. Maintain a separate financial account

1. What if neither you nor your senior loved one wants to deal with the burden of paying bills?
2. Well, here’s what you can do about it.
3. You can utilize technology to take over some areas of banking, such as automatic bill payment, and make them more efficient.
4. Some elders, on the other hand, may be afraid to rely on technology because it appears to them to be overwhelming or perplexing.

• You can make a difference by bridging the gap.

How can I help my elderly parents manage their bank accounts?

Begin by downloading the mobile banking applications from your parents’ financial institutions so that you can keep track of their account activities. Consider setting up SMS notifications to tell you when substantial deposits or withdrawals are made or requested. Last but not least, consider enrolling your parents in online bill payment.

What do you do when your elderly parents have no money?

1. So, what do you do when you have aged parents who don’t have any money?
2. – They should be aware of what they own and what they owe.
3. Selling, relocating, and/or working to generate cash are all options.
4. Inquire for assistance from your family, friends, and members of your community.

• Investigate and make advantage of the numerous federal, state, and local resources accessible to low-income elderly citizens.