Getting Older Affects Financial Decision Making
As you and your loved ones age, here are five steps you can take to protect against elder financial fraud.
A good estate plan not only covers what will happen to your property when you die, but also outlines your wishes if you are incapacitated and unable to manage your own affairs. Estate planning lets you assign power of attorney to a trusted loved one to reduce stress later on.
Care for yourself (and your finances) while caring for loved ones.
Prepare for financial changes as senior family members age by knowing the warning signs of diminished financial capacity and cognitive decline.
Learn how to make and update your will. Pick an executor and name beneficiaries to make your wishes known in case you are injured or incapacitated.
Manage your own money while helping your aging parents. Know when to hire a financial advisor who specializes in elderly finances.
Talk to aging parents about finances including a living will, advanced directives and power of attorney. Set the tone and know caregiver options.
When a loved one dies, you must gather paperwork and notify creditors. If you are an executor of a will, know when to hire an estate attorney.