Discussing Finances with Your Elderly Loved One

As time goes on, your elderly loved ones are going to get older and need more help. One of the things that you might need to assist your elderly loved one with is their finances. This can be a troubling topic to bring up. Most elderly adults don’t like to admit or even ask others for help. However, it might be a conversation that needs to be brought up. There are some tips for discussing finances with your elderly loved one that could help things to go smoother.  

Creating a Will

One of the topics that should be brought up when you are discussing finances with your elderly loved one is a will. Has your parent or grandparent created a will yet? Where is it being kept if they have one? If they haven’t made one yet, who would they like to help them create it? Having a will is very important so that their finances and belongings are in order when they pass away.  

Important Financial Documents 

Where does your elderly loved one keep all their important financial documents? Are they kept in a safe, in a filing cabinet, or somewhere else? It is important to know these things, so that when it comes time for someone to help them out with their finances, these documents can be easily found.  

Bank Accounts and Safety Deposit Boxes 

Does your elderly loved one have any bank accounts or safety deposit boxes? If so, and they are going to have you help take care of their finances, it would be beneficial for you to have access to these things.  

Medical Expenses 

Most elderly adults see the doctor a lot. They might see their regular physician and some specialists, too. How are they going to pay for their medical expenses? Do they have insurance? If not, can you help them to get insurance? If they don’t qualify for insurance, where is the money going to come from to cover these costs? What happens if they need elder care services? How will those be paid for?  

Life Insurance 

You should also talk to your elderly loved one about life insurance. Do they currently have a life insurance policy? If not, do they want to get one? If they do get one or already have one, who are the beneficiaries of the policy? These are some important things to know. If your loved one passes away, it is helpful to have this information. 

 It can be difficult to talk about finances with your elderly loved one. However, it is important if you or someone else has to take over their finances now or in the future.  

If you or someone you know needs help with Elder Care in Hudsonville, MI, contact Gauthier Family Home Care. We provide quality and affordable home care services in our community. Call us at (616) 258-2300 for more information. 

Sources 

https://www.kiplinger.com/article/retirement/T013-C011-S001-how-to-talk-with-aging-parents-about-money.html 

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Gauthier Family Home Care

Owner at Gauthier Family Home Care

Call (616) 258-2300. Gauthier Family Home Care exists to provide options for our clients to retain their independence in their own homes, improve their quality of life and support their extended families. We will accomplish that by providing compassionate, professional caregivers who will nurture, stimulate, and cater to each client’s specific needs without fail.

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